THE directors of TSL Limited are seeking authority to use the company’s available cash resources to re-purchase the group’s shares.
Companies typically buy back their own shares when they have cash on hand and the stock market is on an upswing, a situation which a number of companies listed on the Zimbabwe Stock Exchange find themselves in.
At TSL’s upcoming annual general meeting — scheduled for March 25 — the group’s directors are asking for authority to buy back shares representing up to 10 percent of the company’s issued share capital.