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Finbar Group to buy back up to 20 million shares

Finbar Group Ltd. is planning to repurchase up to 20 million shares within 12 months commencing Jan. 24 under a recently announced buyback program.

The plan will not require shareholders' approval as it is within the limits set through the Corporations Act, the company noted in a news release, adding that the number, pricing and timing of shares that will be repurchased will depend on market conditions.

Darren Pateman, managing director of the Australia-listed property developer, said the on-market buyback will be a good use of the company's funds and is an effective method of capital management to benefit shareholders.