08:52 AM EDT, 09/12/2024 (MT Newswires) -- Restaurant Brands International Inc. ( QSR ) was at last look up 1.3% in US premarket on Thursday after announcing it has filed, and the Toronto Stock Exchange has accepted, notice of RBI's intention to renew its normal course issuer bid for its common shares.

According to a statement, the NCIB is being conducted in furtherance of RBI's board-approved share repurchase authorization that allows RBI to purchase up to US$500 million of its common shares through September 30, 2025. "While share repurchases remain part of our capital allocation philosophy, we are currently prioritizing our 2024 net leverage target," it said.

Pursuant to the NCIB, RBI may, during the 12-month period commencing September 16, 2024 and ending on September 15, 2025, purchase up to 31,981,466 common shares, representing 10% of its public float of 319,814,666 common shares as of September 6, 2024 (a total of 323,673,600 common shares were issued and outstanding as of such date).