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Quálitas Controladora looks to double share repurchase program

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Quálitas Controladora looks to double share repurchase program

Quálitas Controladora SAB de CV plans to double the capacity of its outstanding share buyback program to 600.0 million Mexican pesos from the current 300.0 million pesos, the company said Dec. 1.

The Mexican auto insurer said it will ask shareholders to approve the measure during a Jan. 26, 2018, shareholder meeting.

"If the share buyback program increase is approved, top management will evaluate the possibility of proposing to shareholders the cancellation of the shares repurchased with this program," the company said.

As of Nov. 30, US$1 was equivalent to about 18.55 Mexican pesos.