Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co., Ltd (Baosteel) has announced that as of November 22 it has spent RMB 1.625 billion ($261 million), including commissions, on buying back 352 million of its own shares, paying between RMB 4.51 and RMB 4.69 per share. The volume of shares purchased to date is equivalent to 2.0 percent of Baosteel’s total shares.
During the 15 working days from November 2 to November 22, Baosteel spent more than RMB 500 million ($80 million) on buying back nearly 110 million of its own shares. As of November 1, the company had spent RMB 1.117 billion ($177 million) on the repurchase of 243 million of its shares.
In August this year, Baosteel stated its intention to repurchase one billion of its own shares, or 5.7 percent of its total equity. The plan was officially approved on September 17 at a shareholders’ meeting.