GUINNESS said yesterday that it is buying back up to 4.9 per cent of its own shares for around £460 million sterling.
Guinness said in a statement the scheme to buy back the 100 million shares, to be implemented immediately, was based on Thursday's closing price of 460.5 pence per share.
Analysts said the share repurchase would be the most effective way to return some of the company's mounting cash pile to shareholders.
In May, when Guinness won approval from shareholders to buy up to 200 million of its ordinary shares the company's shares traded up 61/2p to 467p on the news.
By reducing the number of shares available in the open market, the company had raised their value, dealers said. Guinness has 10,600 Irish shareholders who collectively own about 2.5 per cent of the British registered drinks company.
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