07:20 AM EDT, 05/24/2024 (MT Newswires) -- Magellan Aerospace ( MALJF ) , a global aerospace company that rose 3.5% yesterday, on Friday said the Toronto Stock Exchanged approved the renewal of the company's normal course issuer bid.

For the 12 months starting May 28, the company will buy for cancellation up to 2.9 million shares, or 5% of the outstanding common shares as at May 14.

As of April 30, Magellan purchased 199,046 common shares at a volume-weighted average price of $7.59 under its current NCIB, which authorized the purchase for cancellation of up to 2.9 million common shares.