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Investing.com -- Safe Bulkers Inc (NYSE:SB) stock gained 2.5% after-hours Monday after the marine drybulk transportation services provider announced a new share repurchase program for up to 10 million shares of its common stock.
The buyback program would represent approximately 9.8% of the company’s outstanding shares and 20.0% of its public float if fully executed. Safe Bulkers said the purchases will be funded using its existing cash resources.
The company noted that the program does not obligate it to purchase any specific number of shares and can be modified or terminated at any time without prior notice. Any purchases will be made in the open market in compliance with applicable laws and regulations, including within the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934.
This new authorization supersedes any prior repurchase programs the company had in place. Safe Bulkers did not provide a timeline for when it expects to complete the share buyback program.
The company, which provides international marine drybulk transportation services, saw its shares respond positively to the announcement as stock repurchase programs typically signal management’s confidence in the company’s financial position and future prospects.
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