Nu World spends R10.4m on share repurchase

The 679,394 shares fetched R10.4 million at an average price of R15.26 each, with the highest price paid being R17.60 and the lowest R13.95.

The company still has to buy an additional 1.6 million shares, or 7% of its issued capital, which will be bought when deemed appropriate.

Nu World, which distributes brands such as Casio, JVC, Sansui and Telefunken, said the share repurchases were financed from its own available cash.

The share repurchase will reduce the firm's weighted number of shares in issue to R21.2 million from R21.6 million, boosting headline earnings per share by 1.4% to 208.4 cents.

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