By Andrea Figueras
Avolta said it intends to launch a share buyback program of up to 200 million Swiss francs ($219.6 million), in line with its Destination 2027 growth strategy.
The program, aimed at enhancing shareholder value, is expected to start before the end of January and will end on Dec. 31, the Switzerland-based travel retailer said Friday.
The group intends to efficiently return additional capital to shareholders and the repurchased shares will be cancelled, increasing Avolta's per share metrics, it said.
"We reiterate our committed priorities to invest in the growth of the business," Chief Executive Xavier Rossinyol said, adding that the company expects to return excess cash to shareholders over the medium-term.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
January 17, 2025 01:08 ET (06:08 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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