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Camellia PLC on Friday approved a £9.0 million share buyback programme after the sale of $100 million BF&M Ltd shares was completed.
The Kent, England-based agriculture and engineering services firm said the board approved the programme to reduce the company’s share capital, improve share liquidity and return capital to shareholders.
Camellia also said the sale of its entire 37% stake in BF&M to Bermuda Life Insurance Co Ltd, a subsidiary of Argus Group Holdings Ltd, completed on December 5.
The company confirmed it took a net profit of around £10.7 million from the sale.
Chief Executive Officer Byron Coombs said: ‘The completion of this transaction is an important step for Camellia, enabling it to continue focusing on its strategy of growing its agricultural businesses, through investment in its existing group companies as well as seeking new opportunities.’
Shares in Camellia were down 3.9% to 4,772.00 pence in London on Friday morning.
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