Ingenuity Property Investments Limited (JSE:ING) announces a share repurchase program. Under the program, the company will repurchase up to 356,062,509 shares, representing 29.8% of its issued share capital, for a total of ZAR 384.55 million. The shares will be repurchased at a price of ZAR 1.08 per share.

200,000,000 shares will be repurchased from Century City Property Investment Trust, 41,020,981 shares will be repurchased from Nafco Trust and 115,041,528 shares will be repurchased from Investec Property Fund Limited. The program will be funded from a combination of existing cash resources and additional borrowing facilities. The repurchased shares will be delisted.

The repurchase program is subject to shareholder approval to be obtained at the General Meeting which will be held on July 12, 2019.