Scandinavian Completes Share Buyback
Image: Dzmitry | Adobe Stock
Scandinavian Tobacco Group has completed its share buyback program, which was initiated on March 9, 2022, and which was increased on May 19, 2022, to an aggregated value of up to DKK1 billion ($143.08 million). As of Feb. 28, 2023, Scandinavian Tobacco Group has purchased a total of 6,114,093 shares with an aggregated transaction value of DKK775 million.
The purpose of the program has been to adjust the company’s capital structure and meet obligations relating to the group’s share-based incentive program. At the annual general meeting on April 13, 2023, the board of directors intends to propose a reduction of the company’s share capital as result of the share buyback.
In related news, Scandinavian Tobacco Group completed the acquisition of substantially all assets of Alec Bradley Cigar Distributors and associated companies.