By Adriano Marchese
Stantec said Wednesday that it plans to renew a share-repurchase program to buy back up to 2% of its issued and outstanding common shares over a one-year period.
The design and engineering company said the Toronto Stock Exchanged approved the renewal of its normal course issuer bid to buy back 2.3 million of its common shares.
Stantec's shares have risen in 2024, and are up about 13% since the start of the year to close at 119.74 Canadian dollars ($84.44) on Tuesday.
At that price, the value of the shares earmarked for buyback would be worth about C$273.2 million.
Stantec can begin buying back shares starting Dec. 13.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 11, 2024 07:27 ET (12:27 GMT)
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