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.