TFG borrowed R1bn to buy back shares that are now worth R553m
5 billion in net debt was raised in the first half to fund the share buyback.
Retailer TFG Limited launched an ambitious share buyback in September and October 2025, where it spent R1 billion buying back 3% of its shares at an average price of R105.
It said the buyback – the first in the group’s history – was done as the board believed “that TFG shares are trading at a discount to intrinsic value and that the share repurchase will deliver long term incremental value to shareholders”.
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