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Rocket Internet announces share buy-back program for a maximum of up to 100 million Euros

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Tech
3 min read
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Rocket Internet has resolved to carry out a share buy-back program of up to 100 million Euro and a maximum volume of up to 5,000,000 shares, representing a maximum of up to 3.03%.

The buy-back will be executed via Xetra trading on the Frankfurt Stock Exchange and will begin on August 14, 2017 and end on April 30, 2018. The repurchased shares are intended to be redeemed, and Rocket Internet’s share capital is intended to be reduced accordingly.

”We use our strong cash position to repurchase own shares“, says Oliver Samwer, CEO Rocket Internet. ”The Share Buy-Back Program underlines our aim to allocate capital most efficiently.“

The Share Buy-Back Program will be carried out based on the authorization of the Annual General Meeting of June 2, 2017. Under this authorization, Rocket Internet SE is authorized to acquire own shares until June 1, 2022 in an amount of up to 10% of the share capital of Rocket Internet at the time of the resolution or – if this value is lower – at the time of the exercise of the authorization.

The firm, which runs Jumia in Africa in June lost Swedish investments firm Kinnevik AB, its top and longest serving investor which said it would sell the remaining 227.7 million euro stake in the firm. In February, Kinnevik AB sold 209 million euros which represented nearly half of its shareholding in the Berlin based startup builder.
The berlin-based startup builder also announced it had sold Glossybox, a provider of beauty box subscription services to the Hut Group, an online Health & Beauty retailer and brand owner. The beauty box subscription service firm operates in ten core markets, with offices in the UK, Germany, France, Sweden and the USA.
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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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