STG Completes Share Buy Back
Scandinavian Tobacco Group—one of the largest cigar companies in the world—has announced the completion of a DKK 300 million ($48.62 million) share buy-back program it began last August.
The company says it bought back 2,957,742 shares valued at DKK 299,999,681. It means that STG owns about 3.23 million treasury shares, which equates to 3.23 percent of the company.
STG is the parent company of General Cigar Co., Cigars International, Thompson Cigar, Agio and other companies including ones selling machine-made cigars, pipe tobacco, and smokeless tobacco.
Shares of STG—which is traded on the NASDAQ Copenhagen—closed at DKK 114.10 ($18.50), slightly down for the day.
Charlie Minato
I am an editor and co-founder of halfwheel.com/Rueda Media, LLC. I previously co-founded and published TheCigarFeed, one of the two predecessors of halfwheel. I have written about the cigar industry for more than a decade, covering everything from product launches to regulation to M&A. In addition, I handle a lot of the behind-the-scenes stuff here at halfwheel. I enjoy playing tennis, watching boxing, falling asleep to the Le Mans 24, wearing sweatshirts year-round and eating gyros. echte liebe.
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