Today, Buenos Aires-based real estate company Cresud (BCBA:CRESm) Inc. (NASDAQ: CRESY, BYMA:CRES), with a market capitalization of $821 million and an impressive 45% year-to-date return according to InvestingPro, disclosed the acquisition of common shares as part of its ongoing repurchase program. The transaction, detailed in a Form 6-K filed with the Securities and Exchange Commission, took place on Monday with settlement following on Tuesday.
The company reported purchasing 317,767 common shares at a price of ARS 1,373.3033 each, amounting to a total investment of approximately ARS 436,390,480.00. With this latest transaction, Cresud has now repurchased a cumulative total of 621,964 common shares. This figure represents about 12.13% of the total shares authorized for repurchase under the current program.
In other recent news, Cresud Inc. has taken significant steps in financial maneuvers. The company has successfully issued Series XLVII notes in the local Argentine capital market, raising $64.4 million. The notes, carrying an interest rate of 7.00%, are set to mature on November 15, 2028. Cresud also repurchased a significant portion of its common shares, approximately 5.41% of the total shares authorized for repurchase.
Furthermore, Cresud's shareholders approved financial documents for the fiscal year ending June 30, 2024, agreeing on a net income allocation of approximately 70.8 billion Argentine pesos, including a substantial cash dividend distribution of ARS 45 billion. The company has also altered the terms of its outstanding warrants, increasing the number of shares that can be acquired per warrant and reducing the exercise price per share.
In addition, Cresud sold a portion of its "Los Pozos" property in Salta Province, Argentina, for a total of $2.23 million. To strengthen its capital structure and diversify its financing sources, Cresud issued Series XLVI notes, raising an equivalent of USD 28.6 million. These recent developments demonstrate Cresud's commitment to managing its financial instruments and delivering value to its shareholders.
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