VANCOUVER — Telus Corp. has received approval from the Toronto Stock Exchange for a new normal course issuer bid, which enables the company to buy back some of its shares in order to cancel them.
The 2022 NCIB will allow for the purchase of up to 10 million Telus shares for an aggregate purchase price of up to $250 million over 12 months beginning Monday.
Telus says shares that are purchased through the TSX, New York Stock Exchange or other Canadian trading systems will be bought at market price.
It says shares purchased privately will generally be at a discount.
Telus' board of directors believe the 2022 stock buyback program will be in the "best interest" of the company and provides "an attractive investment opportunity that should enhance the value of the remaining shares."
In 2021, Telus received approval to purchase up to 16 million shares for an aggregate purchase price of up to $250 million.
This report by The Canadian Press was first published June 2, 2022.
Companies in this story: (TSX:T)
The Canadian Press