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Capitec Bank Holdings repurchases 7.35% of issued preference shares

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Capitec Bank Holdings repurchases 7.35% of issued preference shares

South Africa-based Capitec Bank Holdings Ltd. repurchased 114,849 shares, representing 7.35% of the nonredeemable, noncumulative, nonparticipating preference shares in issuance.

The company used its available cash resources for the deal.

At the May 26, 2017, annual general meeting, shareholders had authorized the board to repurchase up to 20% of the issued preference shares because of their declining contribution to the company's capital adequacy ratio.

With this repurchase, the total number of preference shares repurchased under the current general authority amounts to 18.37%, and the issued preference shares totals 1,275,186 shares.

The preference shares will be delisted from the Johannesburg Stock Exchange, at which point they will be canceled.