JOHANNESBURG (Reuters) - Anglo American Platinum's shareholders gave the world's largest platinum producer the go ahead to buy back up to 10 percent of its shares during its annual general meeting on Friday, a spokeswoman for the company said.
Share buy backs are common during times of stock market decline, allowing the company to reduce the number of shares in issue and thereby boost per share earnings and dividends.
The company's shares have shed almost 31 percent of their value in the past year, underperforming the Johannesburg bourse's platinum index, which has fallen more than 20 percent over the same time.
Amplats, a unit of Anglo American, is battling to remain profitable after violent labour strikes in South Africa hurt already marginal operations, pushing them to the brink of closure.
It is also wrestling with soaring costs, 50 percent of which are wages, and weak prices.
Amplats is expected next week to announce whether it will press ahead with its review plan, which initially called for the cutting of up to 14,000 jobs, the mothballing of two mines and the sale of another.
Source: http://news.yahoo.com/amplats-shareholders-agree-share-buy-back-151733777.html
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