BİM applies to the CMB for a share buyback program

BİM Birleşik Mağazalar A.Ş. announced in a statement to the Public Disclosure Platform (KAP) that it plans to initiate a new share buyback program. In this context, the company has submitted the necessary applications to the Capital Markets Board (CMB).

According to the statement, BİM, acting on the belief that its shares traded on Borsa Istanbul do not fully reflect the company's performance, aims to implement this program to protect shareholders.

In line with the decisions to be taken at the general assembly meeting planned for December 24, and provided that the necessary permissions are obtained from the CMB, it is planned to limit the amount of shares subject to the buyback to 2 million units. It was stated that the fund allocated for this purpose would be a maximum of 1 billion TL, to be met from the company's equity.

It is known that share buyback programs hold an important place among companies' strategic decisions due to their potential effects on market conditions and share prices. How this step will be evaluated by market actors and investors will become clear in the coming period.

News Source: 12punto