Textainer Group, which leases shipping containers, has doubled its share repurchase programme to $50m (R900m) and says the move reflects confidence in its long-term prospects.
Bermuda-based Textainer is 47.5% owned by JSE-listed Trencor, announced a $25m (R450m) repurchase programme in September.
Textainer, which has a market capitalisation of R7.8bn, made no mention of the Covid-19 outbreak, which continues to darken the outlook for the global economy, and has disrupted supply chains.
“The increase to our existing share repurchase programme reflects our confidence in the strength of our business, financial resources and our long-term outlook,” said CEO Olivier Ghesquiere.
Textainer’s share price has fallen 0.62% in 2020, while the JSE has fallen almost 24%.
Of the original $24m buyback programme, $1m remained for repurchases on March 27, the group said.