SYDNEY - Alumina Ltd said it has completed an off-market share buyback at a cost of 250 mln aud.
The company, which owns a 40 pct stake in the Alcoa World Alumina & Chemicals (AWAC) joint venture, said 38.6 mln shares were repurchased, representing 3.3 pct of Alumina's issued capital.
Alumina said the buyback price has been set at 6.48 aud per share, which represents a 14 pct discount to the volume weighted average price of Alumina shares over the five trading days up to and including Friday's closing date of the buyback.
Alumina chief executive John Marlay said the buyback will result in improvements to Alumina's capital structure, while still retaining the company's financial flexibility for its investment in AWAC's substantial capital expenditure program to increase its bauxite mining and alumina refining capacity.
AWAC is managed by Alcoa Inc, which holds the other 60 pct interest.
Marlay said his company is committed to ensuring its participation in the attractive alumina brownfield development opportunities that AWAC has.
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