08:23 AM EDT, 08/22/2024 (MT Newswires) -- Cineplex ( CPXGF ) , an entertainment and media company, on Thursday said the Toronto Stock Exchange has accepted its notice to make a normal course issuer bid.

The company may buy back up to 6.32 million shares, equal to 10% of its public float, from August 26, for one year.

Cineplex ( CPXGF ) said it is commencing the NCIB because the board of directors believes that the market price of the shares "does not reflect the intrinsic value of the company" and the repurchase of shares would be in the best interests of the company and its shareholders, and would represent an attractive and appropriate use of available funds. Decisions regarding the amount and timing of future purchases of shares will be based on market conditions, share price and other factors, it added.