Logistic Properties of the Americas (LPA) said on Monday that its Board has authorized a 12-month program to repurchase up to $10 million of shares with effect from November 22.
Esteban Saldarriaga, CEO of LPA, said: "By repurchasing shares, we aim to address the current market dislocation in our stock and highlight the intrinsic value of our extensively dollar-denominated real assets and platform, supported by creditworthy multinational customers."
The company plans to fund any repurchase using cash from operations.
Logistic Properties may repurchase its shares from time to time, based on equity market conditions, legal requirements, and others.
LPA was up by 5.52 percent at $6.50 in the pre-market trade on the New York Stock Exchange.
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