Kenon Holdings Ltd. announced an increase in its authorized share repurchase plan, raising the total amount by $10 million. This adjustment brings the total authorized repurchase plan to up to $60 million.
The expansion of the share repurchase program reflects Kenon's ongoing strategy to optimize its capital allocation and return value to its shareholders. This action indicates management's belief that the company's shares are undervalued.
Such a move can positively impact shareholder returns by reducing the number of outstanding shares, thereby increasing earnings per share for remaining investors.
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