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By Adriano Marchese
Taiga Building Products said Tuesday that it intends to renew its share-buyback program to repurchase up to 5% of its issued and outstanding common shares over the course of one year.
The Canadian distributor of building products said that the Toronto Stock Exchange has approved its normal course issuer bid to buy back up to 5.4 million shares for cancellation.
Taiga’s stock has fallen nearly 41% since the beginning of the year, closing on Monday at 1.42 Canadian dollars a share ($1.04). Over the last 52 weeks, the stock is down 69%.
At Monday’s closing price, the value of the shares would be worth about C$7.7 million.
Taiga expects to start repurchasing shares starting on Aug. 31.
Write to Adriano Marchese at [email protected]
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