Metro Inc. announces an Equity Buyback for 7,000,000 shares, representing 2.89% of its issued share capital.
November 19, 2021 at 07:21 am EST
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Metro Inc. (TSX:MRU) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 7,000,000 shares, representing 2.89% of its issued and outstanding share capital. The bid is used as an additional option for using excess funds. The repurchased shares will be cancelled. The bid will expire on November 24, 2022. As of November 11, 2021, the company had 241,844,026 issued and outstanding shares.
Metro Inc. is a food and pharmacy retailers and distributors company. The Company, through its activities as a retailer, franchisor or distributor, and manufacturer operates or supplies a network of supermarkets, discount stores and drugstores. It operates 975 food stores under several banners, including Metro, Metro Plus, Super C and Food Basics, as well as 645 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners. The Metro banner, with its 328 stores including 120 Metro Plus stores in Quebec is a supermarket chain. The Super C banner operates 102 discount stores in Quebec and offers a range of grocery products. Food Basics is a discount store providing quality products to customers in 143 locations across Ontario. The Food Basics Pharmacy banner is located in 30 Food Basics grocery stores. Its Food Basics Pharmacy is a full-service pharmacy and offers professional services, such as health reminders and medical profiles, among others.