Cresud advances share repurchase, hits 72% of target

Cresud (BCBA:CRESm) Inc. (NASDAQ: CRESY, BYMA:CRES), a prominent real estate and agriculture company in Argentina with a market capitalization of $877 million, disclosed the acquisition of additional common shares under its current repurchase program, as detailed in a recent filing with the U.S. Securities and Exchange Commission (SEC).

The company's stock, currently trading at $14.03, has shown remarkable momentum according to InvestingPro data, with strong returns across multiple timeframes. On Wednesday, the company successfully repurchased 250,000 shares at an average price of ARS 1,476.4313 per share, totaling ARS 369,107,835.00.

This latest transaction, settled on Thursday, brings the total shares bought back to 3,295,674, which is approximately 72.09% of the repurchase program authorized by the company. Cresud's ongoing share repurchase initiative is a strategic move to manage its share capital effectively. InvestingPro analysis indicates the stock is currently in overbought territory, with 8 additional exclusive insights available to subscribers.

The repurchase plan is part of Cresud's broader financial strategy and reflects the company's commitment to enhancing shareholder value. The company's decision to buy back shares is often seen as a signal of confidence in its own financial health and future prospects.

Cresud's business operations span a diverse portfolio, including real estate development, agricultural activities, and other financial and investment ventures. While the company maintains an overall "GOOD" financial health score according to InvestingPro analysis, it currently shows negative earnings per share of -$0.15 over the last twelve months. The company is incorporated in the Republic of Argentina and maintains its principal executive offices in Buenos Aires.

Cresud's recent filing is based on a press release statement and provides investors with the latest developments regarding its share repurchase program. As the company continues to execute its repurchase plan, market participants will be watching closely for further updates on Cresud's financial maneuvers and their impact on the company's stock performance.

In other recent news, Cresud Inc. has made significant strides in its share repurchase program, buying back approximately 56.95% of the total shares authorized for repurchase under the approved plan. The company has also seen a successful exercise of warrants by holders, leading to an increase in its capital stock and an inflow of $1,809,070. This development resulted in the registration of an additional 4,501,293 ordinary shares.

Further, Cresud has issued Series XLVII and XLVI notes in the local Argentine capital market, raising $64.4 million and $28.6 million respectively. The company's shareholders approved financial documents for the fiscal year ending June 30, 2024, agreeing on a net income allocation of approximately 70.8 billion Argentine pesos.

Other notable actions include the sale of a portion of its "Los Pozos" property in Salta Province, Argentina, for a total of $2.23 million. These recent developments demonstrate Cresud's active engagement in various financial activities aimed at managing its capital and returning value to its shareholders.

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