(Alliance News) - Standard Life Aberdeen PLC confirmed Friday it has asked US bank Citigroup to conduct the remaining GBP200 million in the investment management company's GBP750 million buyback programme.
Citi will begin purchasing shares Friday and will have until January 16, 2020 to complete the programme.
At SLA's 2018 annual general meeting, shareholders approved a GBP1.75 billion total buyback programme. This consisted of GBP1.00 billion returned through a B share consolidation scheme agreement - which was completed last October - and the return of up to GBP750 million through an ordinary share purchase agreement.
SLA has already purchased GBP550 million of shares through the agreement, with the final GBP200 million now expected to be bought by January.
The company said the purpose of the programme is to reduce its share capital. SLA currently has 2.41 billion shares in issue.
Standard Life Aberdeen closed down 4.7% in London on Thursday at 238.10 pence each.