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LONDON - HSBC Holdings plc (NYSE:HSBC) has initiated a share buy-back program, with plans to repurchase up to $2 billion of its ordinary shares, the company announced Monday. This move is aimed at reducing the number of HSBC’s outstanding ordinary shares.
The buy-back will be conducted through agreements with Merrill Lynch International, which will independently execute the purchase of ordinary shares on behalf of HSBC. The buy-back period is set from February 21, 2025, to no later than April 25, 2025, pending regulatory approval.
The transactions will occur on the London Stock Exchange (LON:LSEG), Cboe Europe Limited, Turquoise, and the Hong Kong Stock Exchange. Repurchases on the UK venues will be "on Exchange" transactions, while those on the Hong Kong Stock Exchange will be "off-market" but still adhere to the rules of the Hong Kong Listing and the Hong Kong Codes on Takeovers and Mergers and Share Buy-backs.
The buy-back is to be executed within the parameters set by the authority granted by HSBC shareholders at the annual general meeting on May 3, 2024, and in compliance with applicable regulations, including the Financial Conduct Authority’s Listing Rules and US federal securities laws.
The maximum number of ordinary shares that may be repurchased is 900,447,696, a figure determined by the remaining authority from the shareholder approval in 2024, adjusted for shares already repurchased since then.
Shares acquired through this buy-back program are to be cancelled, as per the company’s statement. This information is based on a press release statement from HSBC Holdings plc.
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