The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Share buybacks announced by EnCana, Impala Platinum and PMI Group

Shareholders of several large corporates will have been cheered last week by the announcement of share buyback programmes for the coming year. EnCana, the Canadian gas company, announced a share buyback programme for 2005 which is to be funded by the proceeds from its sale of oil and natural gas assets in North America and Ecuador, expected to total $3 billion. The company had previously planned to buy back 5% of its stock, although the Toronto stock exchange has approved plans to buy back as much as 10%.

In South Africa, Impala Platinum, the world's second largest producer of platinum, unveiled plans to buy back R1.5 billion ($254 million) of its stock by June 30. The company bought back shares during the first half of 2004, using the proceeds of the sale of its stake in Lonmin mines to buy back 893,022 shares.

PMI Group, the U.S. property insurance company, also announced plans to repurchase up to $100 million of outstanding common stock The timing and amount of the repurchased shares would depend on market conditions and corporate requirements, the company said. This is the fifth time since 1996 that PMI Group has launched a share buyback programme.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree