Johannesburg - Transport company Trencor [JSE:TRE] said on Monday that it would buy back 10.8 million shares at a price of R38.61 each for R417m.
This buy back is subject to the unbundling by Mobile Industries [JSE:MOB] of its 46.25% shareholding in Trencor.
The company said the share repurchase will take place on a date to be agreed not before Tuesday, 1 March 2011 and not later than Monday, 4 April 2011.