ZURICH (Reuters) - Swiss watchmaker Swatch Group will ask shareholders to reduce the group’s equity capital by cancelling stock that the company has repurchased, it said on Thursday.
“Currently it is intended to propose to the shareholders at the upcoming General Assembly scheduled on May 23, 2019 to use the 1,399,000 bearer shares and the 7,125,500 registered shares of the said share repurchase program, as well as the 505,000 bearer shares of the share repurchase program 2008, for a reduction of capital,” it said in a statement.
Under its latest buyback scheme that ended on Thursday, Swatch Group repurchased bearer and registered shares worth just over 959 million Swiss francs ($963.4 million). Swatch’s market capitalization was about 16.74 billion francs.
($1 = 0.9954 Swiss francs)
Reporting by Michael Shields