Home Stock Market Yum China boosts buyback plan by $1 billion By Reuters

Yum China boosts buyback plan by $1 billion By Reuters

Yum China boosts buyback plan by $1 billion By Reuters

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© Reuters. FILE PHOTO: A girl walks out a KFC restaurant in Beijing February 25, 2013. REUTERS/Kim Kyung-Hoon

(Reuters) – Yum China Holdings (NYSE:) Inc mentioned on Thursday its board had raised the restaurant chain’s share repurchase plan by $1 billion to $2.4 billion.

Shares in Yum China, which operates KFC, Pizza Hut and Taco Bell in China, have tumbled in current days following an auditing dispute between Beijing and Washington, however China’s regulators are assured they may attain a deal.

The corporate mentioned final week it might need to delist from the New York Inventory Trade by 2024 after U.S. authorities mentioned it had failed to supply entry to audit paperwork.

It mentioned on Thursday it has purchased again 4 million shares for $188 million up to now this quarter, and returned almost $1.7 billion to shareholders by way of dividends and repurchases thus far.

It mentioned earlier this week same-store gross sales in China decreased round 20% from a 12 months earlier for the primary two weeks of March attributable to Omicron curbs after falling almost 4% for January and February mixed.

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