RE: Share buy back1 Mar 2024 00:00
I believe they finished the US $15mm buyback program that was announced in October. They said on the earnings call this week that they will be buying back more shares but are waiting for more info on what dividends they'll receive from Bank of Georgia.
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So the first question is from Bram Buring. With regard to the 15% over the cycle target for NCC, could you please elaborate where we are in the cycle and the implications for the larger capital returns? Will the current phase in the cycle suggest we see larger returns when NCC hits a low-teen high single-digit level?
Irakli Gilauri:
Bram, to be very short, probably that's high single-digit, that's where we will be able to see the bigger buyback in terms of the auction-type buyback. In terms of the tactical buybacks is what we've been doing. We will continue to do so. Mainly, we have not announced the tactical buyback, smaller ticket size, what we've been announcing for a number of reasons, but one of is that, Bank of Georgia, which is a main dividend provider to GCAP have not announced their dividend for 2023 due to the acquisition they had to postpone as I understand their annual results announcement. And once we know it, we will be more -- better positioned announce our tactical buyback program.