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WASHINGTON—Mohammedulla Khaishgi, a director at IBEX Ltd (NASDAQ:IBEX), has recently sold a significant portion of his holdings in the company. The sale comes as IBEX shares trade near their 52-week high of $27.83, having delivered an impressive 82% return over the past year. According to a Form 4 filing with the Securities and Exchange Commission, Khaishgi sold a total of 45,200 common shares over two days, February 13 and 14, 2025.
The transactions were executed at prices ranging from $26.4596 to $27.3174 per share, amounting to a total sale value of approximately $1.22 million. Following these transactions, Khaishgi holds 127,712 shares directly and 20,293 shares indirectly as a trustee of the Allibhoy Khaishgi Family Foundation. According to InvestingPro, IBEX currently trades at an attractive P/E ratio of 12.3, despite its strong performance.
The sales were part of a prearranged trading plan, as indicated in the filing. Investors often track such filings to gauge insider sentiment, although these transactions can be driven by various personal or strategic reasons. InvestingPro analysis suggests the stock is currently undervalued, with 16 additional key insights available to subscribers, including detailed valuation metrics and growth prospects.
In other recent news, IBEX Ltd has announced a series of financial and corporate activities. The company has completed a $70 million share repurchase, buying back 3,562,341 of its common shares from The Resource Group International Limited. This significant transaction involved $45 million in cash and a convertible promissory note valued at $25 million. The repurchase was settled using credit lines with HSBC Bank USA, National Association, and HSBC Bank Middle East Limited.
In addition to this, the company has made changes to its board structure. The number of directors has been set at eight, with Fiona Beck, Shuja Keen, and Mohammed Khaishgi re-elected to their positions. Shareholders also ratified the appointment of Deloitte & Touche LLP as the company's independent registered accounting firm for the upcoming fiscal year.
These recent developments reflect the company's ongoing efforts to optimize its capital structure and deliver value to shareholders. The share repurchase, in particular, demonstrates IBEX Ltd's ability to effectively manage its capital requirements. The changes in board structure and the retention of Deloitte & Touche LLP as auditors also indicate the company's commitment to corporate governance and transparency.
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