The Kambi Group has announced a buyback program to repurchase up to 10% of the company’s shares, at a cost of €2.8m (£2.4m/$3.0m), aimed at adding value for shareholders and providing flexibility to the board in terms of capital structure.
The share buyback program was authorized at the Kambi AGM in June and will run until 21 May 2024. Carnegie Investment Bank AB will conduct the share repurchases on behalf of Kambi, with the process taking place on Nasdaq First North Growth market in Stockholm, Sweden.
Repurchases will be made at a price per share within a defined range, with the total cost not to exceed €2.8m. As of now, Kambi has a total of 31,278,297 issued shares, and under the buyback program, it will repurchase up to 3,127,830 shares, which is equivalent to 10% of the total holding. Kambi currently holds 657,992 of its own shares from previous repurchase programs.
This announcement comes after Anders Ström was named the new chair of Kambi, replacing Lars Stugemo, who held the position for almost 10 years. Ström, who co-founded Kambi with CEO Kristian Nylén in 2010, will serve as chair until the Kambi 2024 AGM. In addition, Stugemo remains a member of the Nomination Committee.
In other recent updates, Kambi’s Q3 results were positive, with revenue growing by 15% year-on-year, driven by non-recurring fees related to Penn and Shape Games. Revenue for the period reached €42.1m, while EBITDA was up 3% to €13.9m with a margin of 11.0%. Additionally, net profit increased 34.6% to €3.5m.
Overall, the buyback program and appointment of Anders Ström as chair reflect ongoing efforts by Kambi to enhance shareholder value and ensure steady growth for the business.