Parkland said Wednesday that it plans to launch a share-repurchase program to buy back up to 10% of its common shares over the course of a year.
The Toronto Stock Exchange has accepted the Canadian gas-station operator's request to launch a normal course issuer bid for up to 13.8 million of its shares.
Shares have been down in 2024, falling about 20% since the beginning of the year and closing on Tuesday at 34.33 Canadian dollars ($24.42). At that price, the value of the shares intended for buyback would be worth about C$474.3 million.
Parkland can begin buying back shares starting on Dec. 1.