By Adriano Marchese
CGI Inc. said Wednesday that it will renew its share-repurchase program to buy back up to 10% of its issued and outstanding shares over the course of a one-year period.
The Canadian IT and business consulting services company said its board of directors authorized the renewal of a normal course issuer bid to buy back up to up to 18.8 million shares.
Since the start of the year, CGI's shares have fallen about 2.3%, closing at 114.04 Canadian dollars ($85.70) on Tuesday, but are about 4.3% higher than 12 months ago.
At Tuesday's closing price, the shares intended for buyback would be worth around C$2.14 billion.
CGI said that it will begin its one-year repurchase period on Feb. 6.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
02-01-23 0706ET