Loblaw Companies (TSE:L) has released an update.
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Loblaw Companies Limited has announced the initiation of an automatic share purchase plan to facilitate the buyback of its common shares under its normal course issuer bid, which allows for the repurchase of up to 5% of its outstanding shares over the next year. The plan enables the company’s broker to buy shares during periods when Loblaw is not active in the market, such as insider trading blackouts. This strategic move underscores Loblaw’s standing as a major player in the Canadian retail sector, employing over 220,000 people.
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