Singapore-based mobility platform, Karooooo Limited, led by South African businessman Zak Calisto, has announced its decision to launch a voluntary share repurchase program valued at $25.7 million.
The decision follows strong support from shareholders at the Annual General Meeting (AGM) and aims to enhance shareholder value. With a 97.35-percent majority vote during the AGM, the board gained authority to repurchase up to 10 percent of the company’s outstanding shares.
This approved mandate will be implemented in line with the specified resolution, signaling Karooooo’s commitment to delivering lasting value to its shareholders.
Karooooo empowers shareholders with $25.7-million repurchase offer
Based in Singapore, Karooooo has become a global leader with a network of over 1,950,000 connected vehicles and equipment. The company is assisting thousands of enterprise customers in their digital transformation efforts.
Under Calisto’s leadership, the company, a key provider of intelligent transportation management and analytics, serves customers in 23 countries across five continents. Karooooo supports more than 1.7 million users worldwide.
Karooooo intends to repurchase up to 1 million shares of its common stock, totaling $25.7 million. Shareholders can participate in the voluntary program through market transactions on both the Nasdaq and the Johannesburg Stock Exchange.
Share repurchase program signals financial strength and tech leadership
The Board and management express confidence in the company’s financial strength and growth prospects. The repurchase program is seen as a strategic move to boost shareholder returns while ensuring financial flexibility.
Karooooo’s commitment to shareholder value and innovation is evident through the launch of the share repurchase program and the integration of Karooooo Logistics technology into Cartrack’s platform. In the dynamic landscape of IoT SaaS cloud services and intelligent transportation management, these initiatives showcase dedication to staying at the forefront.