RTTNews | Dec 8, 2021 01:01PM EST

13:00 Wednesday, December 8, 2021 (RTTNews.com) - Canadian paper products manufacturer Resolute Forest Products Inc. (RFP) saw its stock trading 8% higher after the company announced that its board of directors have approved a share repurchase program worth up to $100 million or 10 million outstanding shares.

Remi G. Lalonde, president, and the chief executive officer said, "This new program will allow us to continue to act opportunistically to return capital to shareholders when conditions are right. We remain committed to a balanced approach to capital allocation, using our free cash flow to generate value for shareholders, build a stronger company and drive sustainable economic activity in the communities where we operate."

The details of the program will be announced by the company when it deems fit.

The stock is currently trading at $13.71, up $0.99 or 7.76% since the previous close at $12.72. The stock opened at $13.28 in the morning and in the 52-week period, the shares have ranged between $6.03 and $17.65 per share.

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