GLOBAL paper and pulp group Sappi says it has bought back more than 9.7m of its own shares on the open market for R541m to bolster shareholder value. At the same time, Dutch business supplies firm Buhrmann NV said it would sell its remaining five percent stake in Sappi to investors. The buyback has helped push Sappi’s share price up more than 22% since December 15. The buyback was funded from Sappi’s reserves. The company decided last November to buy back 10% of its issued share capital to take advantage of a strong balance sheet.- Reuters
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