Mohammad Abu-Ghazaleh says the repurchase authorisation is part of a broader capital allocation framework prioritising investment in “strategic growth opportunities”
Fresh Del Monte Produce has announced that its board of directors has approved a US$150mn share repurchase programme, which is has said reinforces its balanced capital allocation strategy.
Additionally, the board has announced an increase in its quarterly dividend from US$0.25 to US$0.30.
“This repurchase authorisation is part of our broader capital allocation framework, which prioritises investing in strategic growth opportunities, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases,” said Mohammad Abu-Ghazaleh, chairman and CEO of Fresh Del Monte Produce.
The group stated that the new plan had no time deadline, and would continue until otherwise modified or terminated by the board at any time in its sole discretion.
”Share repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including stock price, market conditions, regulatory and legal requirements, cash flow and liquidity needs and other factors,” Del Monte stated.
