GQG Partners (ASX:GQG) terminated a plan to repurchase up to AU$100 million of CHESS Depositary Instruments on common stock (CDIs) due to uncertainties relating to the buyback's US tax treatment, according to a Monday filing with the Australian bourse.
The company said it may have to withhold up to 30% of the proceeds from shareholders selling into the buyback because of US tax requirements.
"GQG does not believe that it is appropriate to pursue the CDI buyback at this time given that it does not anticipate being able to resolve this uncertainty prior to entering its year-end blackout period," the investment company said.
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