Captivating Headline: BİM Launches Share Buyback Program
BIM Birleşik Mağazalar A.Ş. has announced the initiation of a share buyback program. This move was disclosed to the public through a statement on the Public Disclosure Platform (KAP). The Board of Directors shared the details concerning the buyback program.
In this regard, it was stated that the company meets the requirements of the relevant articles of the Communiqué on Buyback of Shares, leading to the decision to conduct share repurchases from the stock exchange. Consequently, it was announced that the application for permission submitted to the Capital Markets Board on October 8, 2024, will be withdrawn.
What are the maximum number of shares and fund amount? Under BİM's buyback program, the maximum number of shares to be repurchased is set at 2,000,000 (with a nominal value of 2,000,000 TL). The fund allocated for these buybacks will be sourced from the company's internal resources, with the total amount not exceeding 1,000,000,000 TL.
Company officials stated that these buybacks will be presented to shareholders at the next general assembly meeting. This step is viewed as part of the company's strategy to optimize stock values and enhance investor confidence.
CFO Authorized
The Board of Directors has authorized CFO Fatih Meriç to execute the buyback program and manage related transactions. Throughout the process, Fatih Meriç will oversee the company's financial operations and coordinate the share repurchase activities.
The share buyback program is commonly used by companies to support their stock value and stabilize the market. BİM's decision to initiate this program demonstrates its intent to reinforce financial stability and market confidence.
Current Status of BIMAS Price
BIMAS closed yesterday's trading session with a nearly 2% decline at 454.99 TL, maintaining a stable outlook this week. The stock has been losing momentum since August, decreasing by 27% during this period. However, it continues to show a 50% gain since the beginning of the year.