China's Anta Sports announces up to $1.3 bln share buyback (updated)

Amer Sports

27/08/2024 10:55

(Updates with further details and background)
       Aug 27 (Reuters) - Chinese sportswear maker Anta Sports
 2020.HK  on Tuesday said it will spend up to HK$10 billion
($1.28 billion) to buy back up to 10% of its shares in a bid to
protect shareholders' interests.
    The share repurchase will take place in the next 18 months,
the firm, which owns Wilson tennis racket maker Amer Sports
 AS.N , said.
        The company's current stock price is below its actual
value and the implementation of the buyback plan aims to promote
the interests of shareholders, Anta said in a filing to the Hong
Kong exchange.
  
        Anta shares rose as much as 1.2% to HK$72.3 during the
day, and closed 0.3% higher.    
  
        
  
($1 = 7.8008 Hong Kong dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia
Cheema and Varun H K)
 ((Rishav.Chatterjee@thomsonreuters.com;))