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JM | Aug 11, 2022

CWJCCU buys back shares on open market

/ Our Today

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Exterior view of Community & Workers of Jamaica Co-operative Credit Union’s Harbour Street branch in downtown Kingston. Photo taken January 21, 2016. (Photo: Facebook @cwjcu)

Jamaica’s sole listed credit union, Community & Workers of Jamaica Co-operative Credit Union Limited (CWJCCU) has bought back nearly a million shares on the open market.

CWJCCU has advised that it bought 881,876 shares between on July 8 and July 14, under the company’s share buy-back programme.

The purpose of the purchase was to unlock shareholder value by purchasing at a price that is at a significant discount to its book value per share consistent with the strategy previously disclosed.

The Share Buy-Back programme continues up to 10 per cent of the company’s 7.35 per cent deferred shares in issue, as stated in its notice dated November 12, 2021. The source of funding was cash on its balance sheet.

The shares were repurchased on the open market via the company’s broker at a cost of $1,569,739.28. Just over 660,000 shares were purchased on July 8 at a cost of $1,176,110.08 and 221,140 shares on July 14 at a cost $393,629.20.

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