OTTAWA (dpa-AFX) - TELUS Corp. (T.TO, TU), a Canadian telecommunications and technology company, on Monday said it has received approval from the Toronto Stock Exchange for a new normal course issuer bid to repurchase and cancel up to C$500 million of its shares.
The 2025 NCIB will allow the company to buy up to 28 million shares, representing about 1.81% of outstanding shares as of December 10, between December 17 and December 16, 2026.
The company may purchase a maximum of 1,130,071 shares per trading day, equal to 25% of the average daily trading volume for the six months ended November 30.
As of December 10, the company had about 1.55 billion shares outstanding, and all shares repurchased under the NCIB will be cancelled.
The board said the NCIB reflects confidence in its long-term prospects and is expected to enhance shareholder value.
On Friday, TELUS closed trading 0.17% higher at C$17.63 on the Toronto Stock Exchange.
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