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Kulicke & Soffa increases USD100m higher buy back authorisation.

Global Banking News-February 1, 2019-Kulicke & Soffa increases USD100m higher buy back authorisation

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The board of directors of Kulicke and Soffa Industries Inc (NASDAQ:KLIC) approved a three-year share repurchase programme by another USD100m, which commenced in 1 August 2017, by another additional $100 million.

Pursuant to this programme, the company said that it may buy shares of its common stock through open market and privately negotiated transactions at prices that the management deems appropriate. When and how much of the stock will be bought, repurchase transactions under this programme will depend on market conditions, availability of US fund as well as other corporate and regulatory considerations.

The new authorisation is effective immediately, the company said and added that it however may be suspended or discontinued at any time. Pursuant to its initial repurchase programme, it has deployed about USD228m and bought back 13.8m total shares in open market transactions, till the first fiscal quarter ended 29 December 2018. Also, it reported 67.9m outstanding diluted weighted average shares in the same mentioned period.

Kulicke & Soffa provides semiconductor packaging and electronic assembly solutions. It provides packaging solutions and in recent years has expanded its product offerings through acquisitions and development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of tools.

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Global Banking News (GBN)
Date:Feb 1, 2019
Words:229
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