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Banco Macro repurchases nearly 2.7 million common shares


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Banco Macro repurchases nearly 2.7 million common shares

Banco Macro SA spent north of 400 million Argentine pesos to repurchase nearly 2.7 million class B common shares during the past several days, according to multiple filings from the bank.

The bank bought back 656,724 common shares on Aug. 31 at an average weighted price of 153.64 pesos per share, resulting in an aggregate amount of about 100.9 million pesos. On Sept. 3, it spent another 6.5 million pesos to repurchase 41,435 common shares at average weighted price of 156.865 pesos apiece.

The next day, it repurchased an additional 1,281,604 common shares an average weighted price of 147.689 pesos per share for a total cost of about 189.3 million pesos. The most recently disclosed repurchase was 704,654 common shares on Sept. 5 at an average weighted price of 150.67 pesos each for an aggregate amount of 106.2 million pesos.

The four buybacks add up to 2,684,417 common shares and a total repurchase price of about 402.8 million pesos.

The buybacks fall under a 5.00 billion pesos share repurchase program established in August amid general market turbulence. The program, which allows the bank to buy back up to 5% of its total capital stock, was recently extended until Sept. 25.

As of Sept. 6, US$1 was equivalent to 37.94 Argentine pesos.