GPI buys shares with relish
Repurchase to continue and Spur stake lifted to 11.6%
16 March 2017 - 10:33
Empowerment group Grand Parade Investments (GPI) bought back its own undervalued stock and snapped up more shares in restaurant franchisor Spur Corporation in the six months to December. Commentary accompanying interim results released on Thursday disclosed that GPI — which holds the South African master franchise agreement for iconic fast-food brand Burger King — bought back 24.5-million of its own shares for R89.4m at an average price of R3.65 a share. After the close of the interim period GPI repurchased another 8.9-million of its shares for R31.6m at an average price of R3.55 a share.
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