New share buyback provisions in the Companies Act
On 25 July 2024, the amendments to the Companies Act 71 of 2008 (the “Act”) were assented to by the President. Since then, certain provisions of the Companies Amendment Act 16 of 2024 (the “Amendment Act”) have come into operation on 27 December 2024. The Amendment Act introduces amendments to section 48 of the Act, which deals with share buyback transactions and is one of the provisions which are now in operation. A brief discussion of the amendments to section 48 follows.