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Yum China announces 2024 share repurchase programs in the U.S. and HK

Source:Yum China Release Date:2023-11-21 154
Food & BeverageOthers
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Yum China announces 2024 share repurchase programs in the U.S. and Hong Kong for USD750 million

Yum China Holdings, Inc., known for the KFC and Pizza Hut, many other food brands, has entered into share repurchase agreements in the U.S. and Hong Kong for an aggregate repurchase amount of USD750 million in 2024, as part of the capital allocation plan to return US$3 billion to shareholders through dividends and share repurchases from 2024 to 2026.

 

The share repurchase agreements include approximately USD600 million under the Rule 10b5-1 of the United States Securities Exchange Act of 1934 in the U.S. and approximately HK$1.2 billion for a similar program in Hong Kong. The Company obtained a waiver from the Hong Kong Stock Exchange, to allow its shareholders, regardless of the exchange on which the shares they hold are traded, equal access to the repurchase programs. The share repurchase agreements were entered into under the share repurchase authorization from the board of directors of the Company announced on November 2, 2023.

 

"The share repurchases programs in the U.S. and Hong Kong along with dividend payouts demonstrate our strong commitment to returning capital to our shareholders. We continue to focus on executing our RGM 2.0 strategic framework, aiming to drive growth, boost profitability and deliver shareholder value." said Joey Wat, CEO of Yum China.

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