Cresud completes share buyback program, acquires 99.98%

Cresud (BCBA:CRESm) Inc. (NASDAQ:CRESY), a leading Argentine real estate company with a market capitalization of $824 million, announced today that it has finalized its share repurchase plan. The plan, which was conducted in the local market, resulted in Cresud acquiring a total of 4,522,623 of its common shares.

This acquisition represents approximately 99.98% of the shares approved for buyback and 0.75% of the company's outstanding shares. According to InvestingPro analysis, Cresud currently offers a substantial 7.62% dividend yield and maintains a GOOD financial health score.

On Thursday, December 19, 2024, Cresud purchased 460,000 shares at a price of 1,477.2511 Argentine Pesos (ARS) per share, amounting to a total expenditure of ARS 679,535,515.00. The settlement for these shares occurred the following day. The company's stock has shown remarkable strength, with InvestingPro data revealing a 64% price return over the past six months.

The company has now reached a total of 6,397,536 treasury shares, which accounts for 1.06% of Cresud's total issued shares, numbering 603,140,435. The daily trading volume limitations for the buyback were based on the trading activity on both the Bolsas y Mercados Argentinos (BYMA) and the New York Stock Exchange (NYSE).

This strategic move by Cresud reflects its commitment to shareholder value. The repurchase program has been executed within the regulatory frameworks of the Argentine market authorities and the NYSE, where Cresud's shares are also traded.

The information provided in this article is based on the official statement released by Cresud Inc. to the Comision Nacional de Valores and Bolsas y Mercados Argentinos, and filed with the Securities and Exchange Commission on December 20, 2024. The company's Responsible for the Relationship with the Markets, Saúl Zang, signed off on the report, confirming the completion of the share repurchase plan.

In other recent news, Cresud has sold a portion of its "Los Pozos" property in Salta Province, Argentina, for a total of $2.23 million. These recent developments are part of Cresud's active engagement in various financial activities aimed at managing its capital and returning value to its shareholders.

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