ABB To Launch New Share Buyback Program Of Up To $3 Bln

(RTTNews) - Swiss engineering company ABB Ltd.(ANN.L, ABB) Thursday said it will launch its previously announced new share buyback program of up to $3 billion on April 1. 2023.

Based on the current ABB share price, this represents a maximum of approximately 89 million shares.

The share buyback program is for capital reduction purposes and will be executed on a second trading line on the SIX Swiss Exchange. It is planned to run until March 22, 2023.

The company said the maximum number of shares that may be repurchased under this new program on any given trading day is 1.262 million shares.

As part of the program, the company intends to return to its shareholders the remaining $1.2 billion of the $7.8 billion of cash proceeds from the Power Grids divestment.

Since July 2020, ABB repurchased a total of 218.69 million shares for a total amount of around $6.6 billion.

The total number of ABB's issued shares is 2.05 billion including the 88.40 million shares approved for cancellation at ABB's 2022 Annual General Meeting.

ABB currently owns approximately 124 million treasury shares.