Magazine Luiza (MGLU3) announces new buyback program for up to 40 million shares

Cell phone screen with Magazine Luiza

(Shutterstock)

SAO PAULO – Magazine Luiza (MGLU3), announced this Friday (27) the approval, by its Board of Directors, of the closing of the share buyback program created on August 26 and the creation of a new program.

In the last program, 40 million common shares issued by the company were acquired. The average price of the shares acquired was R$22.27.

The company renewed its program, respecting the limits provided for in the applicable regulations, without reducing the share capital, and whose main objective is to maximize the generation of value for shareholders.

“In addition, it may use the shares to remain in treasury and subsequent sale and/or cancellation and/or to meet the company’s obligations arising from the stock option plan and the share-based compensation plan, aimed at its executives and employees and/or for delivery in payment for the acquisition of equity interest in other companies carried out or to be carried out by the company or its subsidiaries”, he pointed out.

Up to 40 million common shares may be acquired, equivalent, on this date, to 0.60% of the total shares issued by the Company and 1.41% of the outstanding shares.

The maximum period for acquisition of said shares is 18 months, counting from the date of disclosure of the material fact, ending on February 25, 2023.

The acquisition will be carried out on the Stock Exchange, at market price, and the Executive Board will decide the time and number of shares to be acquired, respecting the limits provided for in the applicable regulations, informed the company.

The best investment recommendations for 30 days free: meet the Expert Pass