Life Insurer Metropolitan Buys Back 15.53 mln Shares

By Reuters Posted 19 July 2006 @ 06:34 pm EET     Print     Reprint     E-Mail     Comments

JOHANNESBURG (Reuters) - South African life insurer Metropolitan has bought back 15.53 million of its own shares at a cost of 199 million rand between April 18 and June 5, the firm said on Wednesday.

Metropolitan said in a statement the share repurchase was equivalent to 2.62 percent of its issued share capital and was funded from available cash resources.

"The board and management of Metropolitan confirm that buying back ordinary shares at prices up to embedded value as part of an ongoing capital management programme is an effective and efficient way of adding value for shareholders," it said.