International Consolidated Airlines Group S.A. or IAG (IAG.L,BAIRY.PK,BAY.L) on Monday announced the launch of the second tranche of its share buyback programme, amounting to 500 million euros. The second tranche will commence on June 2 and is expected to end no later than November 28.
IAG said that the launch follows the successful completion of the first tranche of 500 million euros on May 29. The entire buyback programme, which was initially announced on February 28, adds up to 1 billion euros.
Under the programme, IAG has repurchased a total of 148.07 million ordinary shares, representing around 2.98 percent of its share capital, to date. The programme is subject to approval at the upcoming Annual General Meeting scheduled for June 19.
As announced earlier, the share buyback is being implemented in sequential portions by Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE, with each bank alternating between portions of each tranche.
IAG said that Qatar Airways Group, which holds around 25.1 percent stake in the company, has agreed to participate in the share-buyback programme on a pro rata basis to maintain its current shareholding.
The company added that out of the total 500 million euros of the tranche, up to 374 million pounds will be allocated for market purchases and up to 126 million euros for purchases from Qatar Airways.
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