Belgian hard discounter Colruyt yesterday [Tuesday] said it would forge ahead with its stock buyback plan despite government moves to impose a levy on such purchases.
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The company will continue buying back shares in blocks of between 10,000 and 40,000, reported Dow Jones. Last year it bought about one million shares.
“We have a lot of cash and we want to give value back value to shareholders,” Rene de Wit, Colruyt’s chief financial officer, told Dow Jones Newswires. “It’s not about supporting the share price in the current climate.”
Colruyt stock has performed ahead of the market recently.
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