Kambi Group, a provider of premium sports betting services to licensed B2C gaming operators, announced that it has completed the repurchase of tens of thousands of shares. This move aligns with the company’s share buyback program approved during the extraordinary general meeting on June 19, 2023.
According to the announcement, the company has repurchased a total of 55,000 ordinary B shares. The shares were bought back between April 29 and May 3, 2024, for the price of 99.16 SEK (approximately $9.16, current rates) per share, Kambi added.
The goal of Kambi’s share buyback program is to generate additional value for its shareholders and provide its board of directors with increased flexibility. Under the program, Kambi was authorized to buy back up to 10% of its ordinary B shares, up to a maximum amount of EUR 4 million ($4.31 million).
The program aligns with the rules outlined in the Maltese Companies Act, the EU Market Abuse Regulation No 596/2014 (MAR), Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbor Regulation) and other applicable regulations, Kambi said.
The share buyback program was initiated on March 18 and was set to run until May 3, 2024. During the buyback period, Kambi repurchased a total of 322,086 ordinary B shares at a volume-weighted average price of 92.87 SEK ($8.58) per share.
Kambi added that all acquisitions have been carried out on the Nasdaq First North Growth Market in Stockholm. The transactions were conducted by Carnegie Investment Bank on behalf of Kambi, the latter company added.
As of May 3, Kambi owned 1,217,678 of its 31,278,297 ordinary B shares.
Kambi Reinforces Its Tribal Gaming Presence
Earlier this month, Kambi Group extended its partnership with Mohegan, agreeing to provide two of the tribal company’s properties in Pennsylvania with market-leading retail sportsbook. The locations in question included Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
Per the deal, Kambi’s cutting-edge sportsbook will be implemented across over 20 kiosks and sportsbook locations at the two properties.
The deal deepened Kambi’s relationship with Mohegan. The provider already powers the operations of several of the tribal powerhouse’s casinos.
The deal also cemented Kambi as a leading partner to tribal companies and followed an arrangement with the Choctaw Nation of Oklahoma.
In April, Kambi published its Q1 results, outlining increases across the board and plans for further growth.
