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Yum China boosts buyback plan by $1 billion -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Woman walks out of a KFC restaurant, Beijing, February 25, 2013. REUTERS/Kim Kyung-Hoon

(Reuters) – Yum China Holdings, (NYSE:) Inc announced Thursday that its board raised the share repurchase plan of the restaurant chain by $1 billion to $2.4 Billion.

Yum China shares, which owns KFC, Pizza Hut, and Taco Bell, has seen its stock plummet in the past few days due to an audit dispute between Beijing, Washington. However, China’s regulators believe they can reach a settlement.

After U.S. authorities claimed that it failed to give access to audit records, the company suggested last week that it may have to be delisted from New York Stock Exchange in 2024.

The company announced Thursday that it had bought back 4,000,000 shares at $188 million for this quarter and has returned close to $1.7 Billion to shareholders via dividends, repurchases, and other means.

The company stated earlier that same-store sales in China for March’s first two weeks fell 20% compared to a year ago. This was due to Omicron curbs, which had fallen nearly 4% during January and February.

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