BlackRock MuniHoldings New Jersey Quality Fund, Inc. announces an Equity Buyback for repurchase of its own shares, representing 5% of its issued share capital.
November 15, 2023 at 12:00 am EST
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BlackRock MuniHoldings New Jersey Quality Fund, Inc. (NYSE:MUJ) announces a share repurchase program. Under the program, the company will repurchase its own shares, representing 5% of its issued share capital. The purpose of the plan is to enhance shareholder value. The repurchases will commence on December 1, 2023 and will be valid till November 30, 2024.
BlackRock Advisors, LLC acted as legal advisor to the company.
BlackRock MuniHoldings New Jersey Quality Fund, Inc. is a non-diversified closed-end management investment company. The Fundâs investment objective is to provide shareholders with current income exempt from federal income tax and New Jersey personal income taxes. It seeks to achieve its investment objective by investing primarily in long-term, investment-grade municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey personal income taxes. It invests approximately 80% of its assets in investment-grade municipal obligations with remaining maturities of one year or more at the time of investment. The Fund may invest directly in securities or synthetically through the use of derivatives. It invests in various sectors, such as education, health, state, transportation, housing, corporate, and tobacco. The Fund's investment adviser is BlackRock Advisors, LLC.
BlackRock MuniHoldings New Jersey Quality Fund, Inc. announces an Equity Buyback for repurchase of its own shares, representing 5% of its issued share capital.