By Adriano Marchese
North West said Wednesday that it plans to renew its share repurchase program and may buy back up to 10% of its issued and outstanding common shares over the course of a one-year period.
The retailer of food and services, which focuses on rural communities, said the Toronto Stock Exchange approved its normal course issuer bid to buy back about 4.73 million of it shares for cancellation.
The stock has risen slightly in 2023, edging forward 1.4% year-to-date and closing on Tuesday at 30.06 Canadian dollars a share ($26.33).
At Tuesday’s closing price, the shares would be worth about C$170.7 million.
North West will begin buying back shares on Nov. 17.
Write to Adriano Marchese at [email protected]
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