Cresud Shares Rise as it Implements Buyback Plan

 |  About: Cresud S.A.C.I.F. y A. (CRESY)
by: IncaInvest

Argentine food company Cresud (NASDAQ: CRESY) in August announced a plan to buy back AR$30 million (US$8.7 mln) of its own shares. Cresud has been buying back shares steadily, and on December reported the purchase of US$135 million in shares and ADRs, paying on average US$8.05 per ADR.

During 3Q'08, purchases of its own shares amounted to 206.020 ADRs and 93.686 common shares, for which the company paid US$2.29 million. After the closing of the quarter, until November 7, Cresud had additionally acquired 1.049.654 ADRs and 127.178 common shares for US$6.49 million.

Since November 12 Cresud has reported daily repurchases, as the price per ADR has climbed from US$5.01 on November 12, to US$8.61 on the close of December 16.

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Cresud's latest interim statements can be found in our download section.