“Taking into consideration Seatrium’s improved financial position as well as capital requirements for future growth plans, the share buyback programme provides for a systematic share purchase approach that signals the group’s commitment to further align its interest with shareholders,” says Seatrium in its announcement.
Seatrium, on April 29, announced that it has established a $100 million share buyback programme.
The buyback programme will be funded out of existing cash. According to Seatrium, the shares repurchased will be held as treasury shares. The treasury shares will, in turn, be deployed for Seatrium’s existing employee share plans. They will also be used to pay the share component of the directors’ fees or cancelled against the group’s share capital to increase shareholder returns.
