Following the announcement more than 6 months ago, Grace Kennedy has launched the share buyback plan where as much as one per cent of its shares over a period of one year will be bought back.
The proportion amounts to about 9.9 million units, which at current price are valued at around $700 million.
GraceKennedy, which has more than 990 million outstanding shares said the transaction will be conducted on the open market through its stockbrokers in Jamaica as well as Trinidad & Tobago.
The programme will be funded from its cash resources.
Other companies that recently embarked on share buybacks include JMMB Group Limited, Sygnus Investments Limited and First Rock Real Estates Investment.
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