SSE PLC (LSE:SSE) said it appointed Credit Suisse and Morgan Stanley (NYSE:MS) to undertake its previously announced £125mln share buy-back programme.
The FTSE 100 power generation group announced the programme on August 30th in line with its strategy to cap the scrip dividend option at 25% of investor take-up.
The group said it is currently investing at record levels, ahead of profits, and has committed to reinvesting any additional profits derived from market variability directly back into energy infrastructure that will help tackle the underlying cause of the current energy crisis.
It said its current plans could see it invest £25bn in the UK and Ireland alone by the end of the decade, assuming a continued supportive policy environment.
The share buy-back programme will not exceed 6.904mln ordinary shares or the value of £125mln and will be completed by the end of 2022.
Credit Suisse will execute the first half of the programme and Morgan Stanley (NYSE:MS) the second half.