Yesterday, $BTI provided more details of its plan to sell part of its stake in ITC Ltd and use the proceeds to buy back its own shares.
They intend to sell the shares, representing up to a 3.5% stake in ITC. They will therefore continue to hold a 25.5% stake.
From this sale, the company is expected to raise over $2 billion, which they will use to buy back their own shares over the period ending December 2025, starting with GBP 700 million in 2024. So here we go!
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Wow, this is great news. I have quite a bigger position here so I would be happy to see the price rise, although the dividend is great anyway, but this news made me happy and I will probably check the company out again, maybe even buy some. How do you feel about it? 😊
I'm not buying anymore since I have the whole position. I wouldn't be afraid to increase at all until a possible portfolio rebalancing. Anything around $30 makes sense to me. My price target is $42, and we're not talking about the dividend, which is perfectly safe. 😉
I think with the buybacks it's just the beginning.
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