Foxconn Industrial Internet finished a $1 billion share buyback on the Shanghai Stock Exchange, closing out the program after reaching its minimum repurchase target. Parent company Hon Hai Precision Industry disclosed the results but did not say when the buyback started or what happens to the shares next.
Foxconn Industrial Internet Co., Ltd. finished buying back 15.83 million shares for about RMB 1 billion ($1 billion), according to a press release from parent company Hon Hai Precision Industry Co. The company carried out the purchases through the Shanghai Stock Exchange via centralized competitive bidding.
The repurchase covers about 0.08% of Foxconn Industrial Internet's total share capital. Hon Hai holds an 84.16% stake in Foxconn Industrial Internet.
Foxconn Industrial Internet bought the shares at prices ranging from RMB 59.91 to RMB 66.40, averaging RMB 63.16 per share. The company spent RMB 1,000,005,217.68 in total, excluding transaction fees.
Management concluded the program after the company reached the minimum repurchase amount set under its buyback plan. The announcement did not specify when the repurchase began or detail what the company plans to do with the shares it bought back.
Source: Investing.com
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