18th Nov 2016 09:24
LONDON (Alliance News) - Qatar Investment Fund PLC said Friday that shareholders at its annual general meeting approved a motion to allow the fund to buyback shares.
The motion allows the fund to purchase up to approximately 17.5 million shares, or 15% of the company's issued share capital.
The maximum price the company may pay is the higher of either 105% of the average market value of share in the five business days prior to the purchase, or the highest current bid or last independent trade made.
Last month the fund said it intends to buy back around 12% of its shares, or a maximum of 14.0 million.
Shares in Qatar Investment Fund were untraded at 1.05 pence Friday.
By Adam Clark; [email protected]
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