Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that as of May 21 it has completed its share buyback program.
The company has spent a total of RMB 5 billion ($806 million), including commissions, to buy back 1.04 billion of its own shares, paying between RMB 4.51 and RMB 5 per share. The volume of shares purchased is equivalent to 5.9 percent of Baosteel's total shares.
On August 28 last year, Baosteel stated its intention to repurchase one billion of its own shares, or 5.7 percent of its total equity. The plan was approved by a shareholders meeting onSeptember 17 and was due to be completed within 12 months. Accordingly, Baosteel has completed its share buyback program around four months in advance.