IT services and solutions company Paracon has bought back 3% of its shares on the open market in several transactions, collectively valued at R18 million.
In a note to the JSE, it said it repurchased just over 12.7 million shares at an average price of R1.43 a share.
Paracon added the purchase was funded from available cash funds and the directors are "of the opinion that the ability of the company and its subsidiaries to continue to pay their debts in the ordinary course of business will not be affected by the repurchases for the period of 12 months after the date of this announcement".
The company, in terms of its general authority, could still purchase another 66 million shares.
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