Mustek: 3.3 million shares repurchased

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Mustek had repurchased almost 3.3 million ordinary shares of its issued share capital on the open market for R20.4 million under its share buyback programme, the computer company said yesterday. Shareholders gave the green light for the transaction at Mustek’s annual general meeting on December 13. Mustek does not hold treasury shares. The earnings positive repurchase had been initiated on February 28 and continued on a day-to-day basis as market conditions allowed. The transaction had been funded from the hardware distributor’s available cash resources, Mustek said yesterday. The ordinary shares that had been repurchased would be cancelled and delisted soon. Shares in Mustek gained as much as 1 percent in early trade on the JSE yesterday. The stock declined throughout the day to close unchanged at R7. – Asha Speckman

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