Brazil builder Gafisa to spend up to $160 mln in new buyback plan

lunes 2 de febrero de 2015 17:34 GYT

SAO PAULO Feb 2 (Reuters) - Brazilian homebuilder Gafisa SA on Monday approved a plan to spend up to 437 million reais ($160 million) buying back up to 27 million shares in a bid to help reverse two years of stock declines.

The company plans to soak up as much as 10 percent of its outstanding stock from the market, according to a securities filing. The buyback plan will be financed with cash that had been set aside for investments. (Reporting by Brad Haynes; editing by Gunna Dickson)