Turkish companies are rushing to repurchase their own shares after regulators ditched a 15% withholding tax on buybacks in a bid to support the stock market in the aftermath of two devastating earthquakes.
(Bloomberg) —
Turkish companies are rushing to repurchase their own shares after regulators ditched a 15% withholding tax on buybacks in a bid to support the stock market in the aftermath of two devastating earthquakes.
At least 52 companies have announced new buyback programs or increased the amount they’d already allocated to spend on buying their stock. So far they’ve earmarked 21.3 billion liras ($1.13 billion) for buybacks since the twin quakes caused widespread destruction in Turkey and Syria last week.Â
Turkish Airlines, Isbank, and Eregli Demir Celik have begun the biggest new programs, while state-run lenders Vakifbank and Halkbank have said they’d significantly step up their existing plans.
The Borsa Istanbul 100 Index soared by as much as 9.8% after a week-long suspension following the earthquakes, with 73 stocks posting gains greater than 9%.
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Here are details of new buyback allocations announced so far:
–With assistance from Patrick Sykes.
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