By Adriano Marchese
Air Canada said Friday that it plans to launch a share repurchase program for up to 10% of its common shares over the course of a one-year period.
Canada's flagship carrier said that it has received approval from the Toronto Stock Exchange to launch its normal course issuer bid to buy back up to 35.8 million of its class A variable voting shares and class B voting shares.
The shares have edged forward in 2024, rising about 1% to close on Thursday at 18.87 Canadian dollars ($13.54). The shares are up about 14% over the past 52 weeks. At Thursday's closing price, the shares intended for buyback would be worth about C$675.2 million.
Air Canada can begin buying back shares starting on Nov. 5.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 01, 2024 06:41 ET (10:41 GMT)
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