Tekfen Holding jumps on new share buyback plan

Tekfen Holding

31/01/2024 08:58

** Shares of Tekfen Holding  TKFEN.IS  jump 6.2%, with
traders pointing to the Turkey-based holding company's new share
buyback programme
    ** The company, which is active in construction,
agriculture, finance and real estate sectors, intends to
repurchase up to 18.5 million shares, or 5% of issued capital,
for a maximum of 925 million lira ($30 million)
    ** Economist Serdar Pazi says the announced share buyback is
driving the positive stock reaction
    ** ALB chief economist Filiz Eryilmaz and fund manager Doruk
Ozaner also attribute the share reaction to the buyback
    ** Tekfen Holding is the second best performer on Turkey's
BIST-100 index  .XU100  that is broadly flat

($1 = 30.3570 liras)

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))