Prudential (SGX:K6S, HKG:2378) announced a share buyback program to repurchase about 275 million shares, according to a Monday filing with the Hong Kong bourse.
The program aims to reduce the company's share capital to offset dilution caused by the issuance of extra shares under the scrip dividend alternative and the employees' share schemes. About 0.11% of the total shares will be repurchased under the current scheme.
Merrill Lynch International will be the riskless master carrying out the program on behalf of Prudential. The company will update on the progress of the program.
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