Mexican steel manufacturer Grupo Simec announced this week that through its share repurchase fund, it acquired 513,000 shares (SIMEC-B).
In information sent to the Mexican Stock Exchange (BMV), the firm said it has authorized a repurchase fund of 1 billion pesos (US$79 million), which will be used to assist interested investors to generate more liquidity of its share in the market.
The company said the objective of the fund is to increase the rotation of the floating shares, "not to decrease or increase the current number of shares in the market."