The mining company’s advice Vale (VALE3) approved on Thursday a buyback program limited to 270 million euros shares common shares and their respective ADRs, the company informed in a relevant fact to the market.
The volume represents up to 5.3% of the total number of shares outstanding, based on the shareholding structure of February 28, 2021.
The program will run for up to 12 months.
“Our buyback program demonstrates the company’s management’s confidence in Vale’s potential to create and distribute value consistently,” said the company.
“Governed by discipline in the allocation of capital, we consider the repurchase of our shares to be one of the best investments available to the company.”
A business he also pointed out that the repurchase program does not compete with the company’s intention to “consistently distribute dividends above the minimum established by our dividend policy”.
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