Telus doubles share buyback to $1 billion in a bid to boost stock price

VANCOUVER – Telus announced Tuesday it is doubling the scope of its share buyback program to $1 billion from $500 million. The company’s board of directors approved an increase in Telus’ normal course issuer bid previously announced on May 21 to $1 billion, to be completed by the end of this year. Telus will repurchase approximately 4.9% of the company’s outstanding shares (about 31.9 million common shares). As of June 30, Telus had bought approximately 8.4 million shares for a total of about $281 million, at an average of $33.40 per share. In a statement, the company said it believes...