05:19 PM EDT, 04/29/2024 (MT Newswires) -- Martinrea International ( MRETF ) after trade Monday said it received exchange approval to buy back and cancel up to 6.44 shares over the next 12 months beginning May 2 though a normal-course issuer bid.

The auto-parts manufacturer said the allowed amount represents approximately 10% of the public float of the shares currently outstanding.

The company said it may enter into a pre-defined automatic securities purchase plan with its broker to allow for the repurchase of shares at times when the company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of the restricted periods, the timing of purchases will be determined by management of the company.

Under its expiring NCIB, Martinrea ( MRETF ) repurchased 3.67-million of an allowed 5-million shares at a weighted average price of approximately $12.38. The prior bid purchases were made on the open market through the facilities of the TSX and/or alternative Canadian trading systems. The company did not make purchases during designated black out periods or during periods that the UAW was on strike with OEMs in the U.S.

Martinrea ( MRETF ) shares closed up C$0.01 to C$11.56 on the Toronto Stock Exchange.