09:13 AM EDT, 03/19/2024 (MT Newswires) -- Canfor Corp. ( CFPZF ) said Tuesday that it has secured regulatory approval to renew a normal course issuer bid.

Under the bid, the company may buy for cancellation nearly 5.9 million common shares, or about 5% of the 118.9 million shares outstanding as of March 15, at prevailing market prices.

The company repurchased about 1.9 million shares for cancellation from March 21, 2023, to and including March 15, 2024, under its previous bid.

The renewed normal course issuer bid will begin on March 21, 2024, and continue until March 20, 2025, unless completed or terminated earlier.

The company has entered into an automatic share purchase plan with a broker providing for the repurchase of shares under the renewed normal course issuer bid.