The buyback program is expected to last until May 2026.
It will repurchase about 3.91 percent of the share capital.
The Switzerland-listed Compagnie Financière Tradition (SWX: CFT), which operates the Japanese retail foreign exchange (forex) trading platform Gaitame, has kicked off its share buyback program today (Monday).
Share Buyback Program of Compagnie Financière Tradition
The company aims to repurchase up to 300,000 bearer shares, equivalent to a maximum of 3.91 percent of the share capital. Based on Thursday’s closing price of CFT shares, the buyback program would cost the Swiss company about CHF 35 million.
“The shares will be repurchased via a second trading line on the SIX Swiss Exchange, with Compagnie Financière Tradition as the exclusive buyer. Board of Directors of Compagnie Financière intends to propose a capital reduction for the shares that will have been repurchased under the program at a future general meeting,” an announcement on Friday stated.
The CFT publicly informed its decision for the share buyback program last May. The company was initially aiming to launch the program in June, but it was delayed by a couple of months. The share buyback program will last for three years until the end of May 2026.
The company launched its buyback program when its publicly-traded share price significantly rallied higher. Year-to-date, CFT shares have gained more than 13.4 percent, although the growth has plateaued since May.
A Diversified Business
Headquartered and listed in Switzerland, the CFT is known for operating Japan’s Gaitame, one of the largest forex trading platforms in the country. The company also operates as an interdealer broking business (IDB).
As Finance Magnates recently reported, the CFT ended the first six months of 2023 with reported consolidated revenue of CHF 513.3 million, which fell 6.1 percent at current exchange rates but increased 12.5 percent at the constant exchange rate. The revenue for the first and second quarters came in at CHF 271.6 million and CHF 241.7 million, respectively.
The Swiss company turned a profit of CHF 89.1 million in 2022, which is a 4 percent jump, on consolidated revenue for 2022 to be CHF 947.4 million.
The Switzerland-listed Compagnie Financière Tradition (SWX: CFT), which operates the Japanese retail foreign exchange (forex) trading platform Gaitame, has kicked off its share buyback program today (Monday).
Share Buyback Program of Compagnie Financière Tradition
The company aims to repurchase up to 300,000 bearer shares, equivalent to a maximum of 3.91 percent of the share capital. Based on Thursday’s closing price of CFT shares, the buyback program would cost the Swiss company about CHF 35 million.
“The shares will be repurchased via a second trading line on the SIX Swiss Exchange, with Compagnie Financière Tradition as the exclusive buyer. Board of Directors of Compagnie Financière intends to propose a capital reduction for the shares that will have been repurchased under the program at a future general meeting,” an announcement on Friday stated.
The CFT publicly informed its decision for the share buyback program last May. The company was initially aiming to launch the program in June, but it was delayed by a couple of months. The share buyback program will last for three years until the end of May 2026.
The company launched its buyback program when its publicly-traded share price significantly rallied higher. Year-to-date, CFT shares have gained more than 13.4 percent, although the growth has plateaued since May.
A Diversified Business
Headquartered and listed in Switzerland, the CFT is known for operating Japan’s Gaitame, one of the largest forex trading platforms in the country. The company also operates as an interdealer broking business (IDB).
As Finance Magnates recently reported, the CFT ended the first six months of 2023 with reported consolidated revenue of CHF 513.3 million, which fell 6.1 percent at current exchange rates but increased 12.5 percent at the constant exchange rate. The revenue for the first and second quarters came in at CHF 271.6 million and CHF 241.7 million, respectively.
The Swiss company turned a profit of CHF 89.1 million in 2022, which is a 4 percent jump, on consolidated revenue for 2022 to be CHF 947.4 million.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Three Months after Settlement with CySEC, Fintailor Investments Renounces License
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa