Huge announces R47m share buyback

Telecommunications firm Huge Group on Thursday said it had bought back 12,22% of its own stock for R47,2-million

The company lost 5,33% on the AltX, trading at R3,55 a share by 11:55.

Huge said in a stock-exchange announcement that the price for its share repurchase was R3,62 a share.

The stock repurchase came after agreements that Huge reached with Praesidium Capital Management and Independent Securities on July 3.

The sale transactions would result in an increase in earnings a share and headline earnings a share, Huge said.

The company announced last week that it would oppose cellular giant MTN’s plans to buy the 59% of i-Talk Cellular that it did not already own.

Huge had said that it would buy the stake, but this depended on MTN waiving its pre-emptive rights, which it has now said it intended on following.

By: Matthew Hill