STNG - Scorpio Tankers exercises purchase options for five ships buyback of 2M shares
2023-05-11 07:36:28 ET
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Scorpio Tankers ( NYSE: STNG ) has exercised the purchase options on five ships and that it has repurchased its common shares in the open market.
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The purchases, which are expected to occur in July 2023, will result in a debt reduction of $119.4 million for the company.
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Also, recently, the company purchased ~2M shares in the open market at an average price of $47.03 per share as part of the company’s securities repurchase program.
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The stock is up 1.1% during pre-market hours.
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Scorpio Tankers exercises purchase options for five ships, buyback of 2M shares