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Karooooo, Led by South African Mogul Zak Calisto, Reveals $25.7M Stock Repurchase Strategy

Karooooo Limited, a Singapore-based mobility platform led by South African businessman Zak Calisto, has announced a $25.7 million share repurchase program.

The decision follows significant shareholder support at the Annual General Meeting (AGM) and intends to increase shareholder value. During the AGM, the board was granted authority to buyback up to 10% of the company’s outstanding shares by a 97.35 percent vote.

This authorized mandate will be implemented in accordance with the defined resolution, demonstrating Karooooo’s commitment to provide long-term value to its shareholders.

Karooooo, headquartered in Singapore, has emerged as a global leader with a network of approximately 1,950,000 linked vehicles and equipment. The organization helps thousands of enterprise customers with their digital transformation activities.

Under Calisto’s direction, the company, a leading provider of intelligent transportation management and analytics, serves customers in 23 countries across five continents. Karooooo serves about 1.7 million users worldwide.

Karooooo intends to buyback up to 1 million shares of its common stock for $25.7 million. Shareholders can engage in the voluntary initiative by conducting market transactions on the Nasdaq and the Johannesburg Stock Exchange.

The Board and management have expressed confidence in the company’s financial soundness and growth potential. The repurchase program is viewed as a strategic decision to increase shareholder returns while maintaining financial flexibility.

Karooooo’s dedication to shareholder value and innovation is demonstrated by the implementation of a share repurchase program and the integration of Karooooo Logistics technology into Cartrack’s platform. In the dynamic field of IoT SaaS cloud services and intelligent transportation management, these initiatives demonstrate a commitment to keeping ahead.

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