Johnson Matthey Plc (JMAT.L), a chemicals and sustainable technologies company, Tuesday said the second tranche of share buyback, announced in July, of up to 125 million pounds will commence today.
The company's shareholders had authorized share buyback of up to 250 million pounds in July this year. Out of this, the first tranche of up to 125 million pounds of buyback was completed on September 23.
The company has entered into an agreement with Citigroup Global Markets Limited to manage the programme, pursuant to which Citi will purchase Johnson Matthey shares for subsequent repurchase by the Company.
Johnson Matthey noted that the sole purpose of this buyback is to reduce share capital.
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