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Investing.com -- Keller Group (LON:KLR), a London-listed geotechnical engineering firm, has initiated a multiyear share-buyback program.
The initial tranche of the program is worth 25 million pounds ($32.4 million), aimed at reducing the share capital of the group.
The company announced on Monday that it has entered into agreements with Investec (LON:INVP) Bank and Peel Hunt. These agreements are nondiscretionary, and the two entities will execute the share-buyback program through on-market purchases of Keller’s ordinary shares, each valued at 10 pence.
As per the agreement, Investec Bank will execute the first half of the program, amounting to 12.5 million pounds. Peel Hunt will handle the second half of the program, also equal to 12.5 million pounds.
Keller Group has shown a strong financial profile, with its net debt reducing to 29.5 million pounds at the end of 2024. This is an 80% decrease compared to the previous year, demonstrating the company’s robust profitability and cash generation capabilities.
The share-buyback program is set to conclude no later than September 30, provided it receives approval from shareholders at the annual general meeting in 2025.
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