Sports betting services provider Kambi Group has repurchased a total of 50,000 shares as part of its share buyback programme during the period running from 26 February 2024 to 1 March 2024. The move was part of a mandate approved at the company’s Extraordinary General Meeting on 19 June 2023.
The objective of the buyback is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi’s capital structure, the company said in a statement. The programme was carried out in accordance with the Maltese Companies Act and other applicable rules.
The shares were repurchased at a volume-weighted average price of 103.46 SEK (approximately $10). From the programme’s start on 5 December 2023 until and including 1 March 2024, Kambi has repurchased a total of 174,600 shares at a volume-weighted average price of 143.46 SEK ($14) per share.
All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi.
As of 1 March 2024, following the acquisitions, Kambi’s holding of its own shares amounted to 832,592 and the total number of issued shares in Kambi is 31,278,297. In total, a maximum of 3,127,830 shares may be repurchased to a maximum amount of €2.8 million ($3 million).
The announcement comes after the company released fourth quarter and full-year results last month. The supplier clocked €44.3 million ($46.78 million) in revenue for the fourth quarter of 2023 and €173.3 million ($187.25 million) for the full year. While the quarterly revenue saw a decline from €57.8 million ($62.45 million) in the same period last year, annual revenue grew from €166 million ($179.37 million) in 2022.