North West has renewed its share repurchase program to buy back up to 10% of its common shares over the course of a one-year period.
The retail grocer, which operates in Canada's western provinces and northern territories, said Tuesday that the Toronto Stock Exchange approved its normal course issuer bid to buy back up to 4.8 million of its shares back for cancellation.
Shares have risen significantly over the course of the past year, up 35% since the start of 2024. Shares closed on Monday at 53.00 Canadian dollars ($37.82).
At Monday's closing price, the value of the shares intended for buyback would be worth about C$252.6 million.
North West can begin buying back shares starting on Nov. 21.
Write to Adriano Marchese at [email protected]