Parex Resources Inc. on Friday said it plans to repurchase up to 10% of its issued and outstanding shares over a one-year period. The Canadian oil and gas company, which focuses on production in Colombia, said the Toronto Stock Exchange approved its intent to launch a normal course issuer bid to buy back up to about 10.7 million of its common shares, beginning Jan. 4. At Thursday’s closing price of 19.92 Canadian dollars ($14.70), the repurchased shares would be worth about C$212.7 million. Since the beginning of the year, the stock has fallen 7.8%. Write to Adriano Marchese at [email protected]
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