Imperial Brands PLC (LSE:IMB) has started the ball rolling on the first £625 million of a £1.25 billion share buyback running until 29 October 2025.
The FTSE 100-listed tobacco and cigarette group said it is part of “an ongoing, multi-year buyback programme that will deliver a material reduction in the capital base over time”.
Imperial added it has a debt ratio target of 2.0-2.5 times net debt to underlying profit [EBITDA] and this buyback is in line with a strategy to distribute any surplus above that to shareholders
Morgan Stanley (NYSE:MS) will execute the buyback starting today with an expected end date of no later than 29 April 2025.
Shares were flat at 2,241p.