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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)