08:07 AM EDT, 05/31/2024 (MT Newswires) -- CI Financial ( CIXXF ) on Friday launched a substantial issuer bid in which it plans to buy nearly 5 million of its outstanding common shares for $15.50 apiece.

The bid, which is for about 3.3% of the company's outstanding shares, began on Friday and expires at 5 pm Toronto time on July 8, unless it is withdrawn or extended.

The company's shares rose 1% in Canada yesterday to close at $14.15.