Glencore Plc (GLCNF.PK,GLNCY.PK,GLEN.L) said Wednesday that it would commence a new share buyback programme of up to $1 billion. The Anglo-Swiss mining and commodity trading company expects to complete the share buyback by August 6.
Under the programme, the company said, it can buyback no more than about 1.83 billion shares and for the period from the date of its AGM, scheduled for May 28 this year. The company intends to reduce the capital of the company through this buyback and hold the purchased shares in treasury.
The company has signed a deal with Citigroup Global Markets Ltd. to manage the programme in the initial stages, as per which all the trading decisions would be taken by the latter.
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