ADCOCK TO BUY BACK SHARES

SOUTH African pharmaceuticals group Adcock Ingram Ltd said on Wednesday it plans to use some of its surplus cash to buy back its own shares “in a meaningful amount”. The group said in a statement it currently holds about R1-billion in cash, some of which it believes could best be used to repurchase some of its “N” ordinary shares. It said this move will have a favourable effect on its earnings per share in future years. Adcock said the repurchase will only begin after the release of its annual financial results on October 29.