Cresta extends share buyback offer

At P1.50, the offer price for the share buyback represents a 67 percent premium on Cresta's closing price of 90thebe yesterday on the BSE. Only shareholders on the group's books before October 10, 2011 and holding between 100 and 2,000 shares are eligible to participate in the buyback.

Announcing the extension on Monday, Cresta Marakanelo chairperson, Maria Nthebolan, explained that the postponement of the offer was due to the "numerous" responses received after the expiry of the original cut-off date.