- Methanex Corporation (MX) has announced a Normal Course Issuer Bid (NCIB)
- Beginning September 26, 2022, the company will purchase up to 3,506,405 common shares
- Daily purchases are limited to 54,902 shares
- All shares purchased under the NCIB will be cancelled
- Methanex is the world’s largest producer of methanol
- Methanex Corporation (MX) opened trading at C$45.31
Methanex Corporation (MX) has announced a Normal Course Issuer Bid (NCIB).
Beginning September 26, 2022, the company will purchase up to 3,506,405 common shares, representing 5 per cent of the shares issued and outstanding as of September 15, 2022.
Daily purchases are limited to 54,902 shares, representing 25 per cent of the company’s average daily trading volume on the TSX for the six-month period ended on August 31, 2022.
All shares purchased under the NCIB will be cancelled. Methanex intends to enter into an automatic securities purchase plan with its broker in connection with purchases to be made under the NCIB.
John Floren, President and CEO of Methanex, commented on the news.
“Today’s announcement reflects the strength of our balance sheet and builds on our long track record of returning excess cash to shareholders.”
Under the previous NCIB, completed on July 26, 2022, the company repurchased for cancellation 3,810,464 shares via Nasdaq at an average price of US$47.83 and 2,283,707 shares via the TSX at a weighted average price of C$56.14.
Methanex is the world’s largest producer and supplier of methanol to major international markets. Methanex’s customers use methanol as a feedstock to produce end products, including adhesives, foams, solvents, and windshield washer fluids. The firm also sells its products to the oil refining industry, where the methanol is blended with gasoline to produce a high-octane fuel or blended as a component of biodiesel.
Methanex Corporation (MX) opened trading at C$45.31.
