Banco Macro launches massive share repurchase program worth up to Ps.$225B

[Stock buyback sign on graph and coins background.]
Maria Vonotna

Banco Macro S.A. (NYSE:BMA [https://seekingalpha.com/symbol/BMA]) has announced that its board has approved plans to repurchase [https://seekingalpha.com/pr/20259876-banco-macro-s-a-announces-share-buyback-program] up to 30 million shares for a maximum of Ps. $225 billion, over 60 days, considering market conditions and regulations.

The board has approved the repurchase plan under Article 64 of Law No 26,831 and CNV rules.

The board has established the following terms for the acquisition of the Bank's issued shares:The maximum investment amount for the repurchase is Ps. $225B, up to 30M Class B common shares will be acquired, each valued at AR$ 1 per share and entitled to 1 vote each, which adheres to the 10% capital stock limit, and the maximum price per share for the repurchase up to Ps. $7,500 per share.

The acquisition period is set for 60 calendar days, starting from the day after the information is published in the Buenos Aires Stock Exchange Bulletin.

The daily acquisition limit will not exceed 25% of the average daily transaction volume over the prior 90 business days, considering both local and international markets.

This strategic move aims to enhance shareholder value given the financial stability and liquidity of Banco Macro.

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