Yum China Boosts Buyback Plan By $1bn

By Dave Simpson
Yum China Boosts Buyback Plan By $1bn

Yum China Holdings Inc 9987.HKYUMC.N has said that its board has raised the restaurant chain's share repurchase plan by $1 billion to $2.4 billion.

Shares Tumbled

Shares in Yum China, which operates KFC, Pizza Hut and Taco Bell in China, have tumbled in recent days following an auditing dispute between Beijing and Washington, but China's regulators are confident they could reach a deal.

Might Have To Delist From NYSE

The company said last week that it might have to delist from the New York Stock Exchange by 2024 after US authorities said it had failed to provide access to audit documents.

Bought Back Shares And Returned Nearly $1.7bn To Shareholders

It said that it has bought back four million shares for $188 million so far this quarter, and returned nearly $1.7 billion to shareholders through dividends and repurchases to date.

Same-Store Sales

It said last week that same-store sales in China decreased approximately 20% from a year earlier for the first two weeks of March due to Omicron curbs after falling nearly 4% for January and February combined.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.