Grit Real Estate Income Group is embarking on a share buyback program from March 6 to June 17 for up to 1,750,000 of its shares.
The company said that because it is planning to repurchase less than 5% of its shares in issue on the stock exchanges of Mauritius and Johannesburg, it may terminate the program at any time. It added that it will buy the shares at a maximum price that is 10% below the net asset value of the shares at the time of purchase.
Grit Real Estate Income, which is an Africa-focused real estate investor listed on the official market of the Mauritius bourse and the main board of Johannesburg Stock Exchange Ltd., noted that its board passed on Dec. 18, 2017, a resolution for the repurchase of the shares, which represent up to 0.84% of its total issued shares, as of Jan. 31.
