(Reuters) -Chinese sportswear maker Anta Sports on Tuesday said it will spend up to HK$10 billion ($1.28 billion) to buy back up to 10% of its shares in a bid to protect shareholders’ interests.
The share repurchase will take place in the next 18 months, the firm, which owns Wilson tennis racket maker Amer Sports , said.
The company’s current stock price is below its actual value and the implementation of the buyback plan aims to promote the interests of shareholders, Anta said in a filing to the Hong Kong exchange.
Anta shares rose as much as 1.2% to HK$72.3 during the day, and closed 0.3% higher.
($1 = 7.8008 Hong Kong dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonia Cheema and Varun H K)
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