Investec PLC and Ltd said on Monday it will buy back up to R 1.2 billion worth of its own shares in the open market.

As part of thus buy-back plan, the Sandton-based financial services company said it had entered into an irrevocable and non-discretionary agreement with JP Morgan Equities South Africa Pty Ltd and JPMorgan Securities PLC to conduct an on-market purchase of Investec PLC shares on the Johannesburg Stock Exchange, the London Stock Exchange or other trading venues in the UK.

The shares will then be sold on by the broker to Investec Ltd.

Shares or securities listed in the US are excluded from the buyback move.

‘The shares will be treated as if they were treasury shares in the consolidated annual financial statements of the Investec group,’ the company said.

It said the purchase programme, which will start from Monday until November 17, forms part of its capital optimisation strategy.

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