PARIS, Nov 10 (Reuters) – French office support technology company Teleperformance (TEPRF.PA) announced plans on Thursday for a share buyback worth up to 150 million euros ($149.1 million) after a hit to its stock price.
The share, last down 33.9%, was suspended at the company’s request after media reports said the Colombian government wanted to review its business in the country.
“To date, the group has not been officially notified by the Colombian government,” it said in a statement.
“Teleperformance is confident in the results of such an audit, as the management team of the Colombian subsidiary has always developed the company in compliance with the law.”
The company, which employs nearly 420,000 employees across 88 countries, said it considered the share buyback as “a good usage of its available cash, in compliance with the law”.
Teleperformance said it would allocate to the share buyback programme an initial amount of 150 million euros and would apply for the resumption of the listing of its shares as soon as possible.
($1 = 1.0059 euros)
Reporting by Sudip Kar-Gupta and Juliette Portala, editing by Jan Harvey and Barbara Lewis
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