Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria announces an Equity Buyback for 59,208,873 shares, representing 10% for ARS 1,000 million.
July 22, 2022 at 03:06 pm EDT
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Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (BASE:CRES) announces a share repurchase program. Under the program, the company will repurchase up to 59,208,873 shares, representing 10% of its issued share capital, for ARS 1,000 million. The shares will be repurchased for a price of ARS 200 per share or $6 per ADS.
The program will be funded from realized and liquid earnings pending distribution of the company. The repurchase program will run until 120 days of the publication of the information in the daily bulletin of the Buenos Aires Stock Exchange unless renewed or extended. As of July 22, 2022, the company had 592,088,735 ordinary shares issued.
Cresud SACIF y A is an Argentina-based company engaged mainly in telecommunications sector. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. It is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria announces an Equity Buyback for 59,208,873 shares, representing 10% for ARS 1,000 million.
CRESUD SOCIEDAD ANÓNIMA, COMERCIAL, INMOBILIARIA, FINANCIERA Y AGROPECUARIA 
