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Khaishgi Mohammedulla, a director at IBEX Ltd (NASDAQ:IBEX), recently sold a significant portion of his holdings in the company. The stock has shown remarkable strength, gaining nearly 17% in the past week and currently trading near its 52-week high of $26.22. According to a recent filing, Mohammedulla sold a total of 55,200 common shares over a series of transactions from February 10 to February 12, 2025. The shares were sold at prices ranging from $24.3692 to $25.7354 per share, amounting to a total value of approximately $1.7 million.
The transactions were carried out in multiple trades, with Mohammedulla acting in part as a trustee for the Allibhoy Khaishgi Family Foundation. After these sales, he retains ownership of 40,293 shares indirectly and 152,912 shares directly.
Investors often scrutinize such transactions to gauge insider sentiment, although these sales could be part of routine portfolio adjustments. InvestingPro subscribers can access 16 additional insights about IBEX, including detailed analysis of management’s share buyback activities and the company’s financial health metrics.
In other recent news, IBEX Ltd completed a $70 million share repurchase, as revealed in an 8-K filing with the Securities and Exchange Commission. The repurchase involved 3,562,341 of its common shares from The Resource Group International Limited (TRGI), paid with $45 million in cash and a convertible promissory note valued at $25 million. The outstanding Seller Note was settled using proceeds from credit lines with HSBC Bank USA, National Association, and HSBC Bank Middle East Limited.
In a related development, IBEX Ltd made changes to its board structure and re-elected directors. The board’s size was set at eight during the annual general meeting, and Deloitte & Touche LLP was retained as the company’s independent registered accounting firm for the fiscal year ending June 30, 2025.
The repurchase of shares has resulted in a shift in IBEX’s ownership structure, reducing TRGI’s stake to 1.8 million shares. This change has ended IBEX’s status as a "controlled company" under Nasdaq rules, and one of the two current IBEX directors associated with TRGI is set to resign by year-end. These recent developments reflect the company’s ongoing capital management strategy and confidence in its financial health.
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