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Genworth Mortgage Insurance coverage Australia to start market share buyback of as much as $ 100 million


By Alice Uribe

SYDNEY – Genworth Mortgage Insurance coverage Australia Ltd. plans to repurchase shares of as much as A $ 100 million (US $ 72.3 million) in an effort to deliver its solvency ratio extra in step with the board’s goal capital vary.

The corporate stated on Tuesday that the proposed buyback is 11.1% of its issued share capital, or about 45.9 million abnormal shares. That is based mostly on Genworth’s inventory worth at Monday’s shut of A $ 2.18.

“The market share buybacks are in step with Genworth offering us with an environment friendly capital construction and serving to us improve our shareholder return,” stated CEO Pauline Blythe-Johnston.

The buyback is meant to deliver Genworth’s solvency ratio extra in step with the board’s goal vary of 1.32 to 1.44 occasions the Tier 2 capital goal, the corporate stated in a regulatory submitting.

Genworth stated it won’t repurchase greater than 10% of the corporate’s frequent inventory with out shareholder approval and that the whole variety of shares to be acquired will rely upon enterprise and market situations, prevailing share worth, market measurement and different elements.

E-mail Alice Uribe at [email protected]



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