Melcor Developments (TSE:MRD) has released an update.
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Melcor Developments Ltd., a prominent Alberta-based real estate developer, has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid, which permits the buyback of up to 5% of its outstanding shares over the next year. The company plans to purchase shares at market price, potentially benefiting shareholders by increasing their equity interest. Melcor has also set up an automatic share purchase plan to facilitate buybacks during regulatory blackout periods.
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