Australia's Superloop climbs most in over a week on buyback plan

Superloop

04/07/2022 03:00

** Shares of Superloop Ltd  SLC.AX  climb as much as 6.4% to
A$0.745, their best intraday session since June 24
    ** Says it intends to undertake an on-market share buyback
of about 10% of the company's issued share capital, about 48.7
mln shares  urn:newsml:reuters.com:*:nASX7pjZdq
    ** Says co is in an "extremely strong net cash position"
following disposal of entity in Hong Kong and certain assets in
Singapore    
    ** "The recent movement in the trading price for Superloop
shares represents an opportunity to also make a highly accretive
investment in our own business," Chief Executive Officer and
Managing Director Paul Tyler 
    ** Stock down 41.2% YTD, as of last close 
 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))