(Boursier.com) — Teleperformance rises 6% for the time this morning to around 187 euros for its resumption of trading. The group announces that it has entrusted BNP Paris Exane with a share buyback mandate under the share buyback program announced yesterday. The agreement is entered into in accordance with the terms of the share buyback program approved by the general meeting of shareholders of April 14, 2022. The description of the share buyback program is included in the Universal Registration Document for 2021 filed with the Financial Markets Authority on February 28, 2022.
The group has asked Euronext to resume trading of its shares at the opening this morning on the regulated market of Euronext Paris. Recall that its share price was suspended late yesterday morning following a plunge of nearly 34% caused by an article in Time. The group’s management had then requested “a brief suspension of the listing of its title” following the sales movement caused by the announcement made “in certain media” by the Colombian deputy labor minister of his decision to open a survey of the work environment in its Colombian subsidiary.
To date, the group says it has received “no official notification from the Colombian government”. Teleperformance says it is “confident in the results of such a check, the management team of the subsidiary in Colombia having always developed the company in compliance with the law”. In addition, “because of the situation created, the group considers that the Teleperformance share constitutes an appropriate allocation of its cash within the framework of the law”. Consequently, Teleperformance has decided to allocate an initial amount of 150 million euros to a share buyback program within the framework of the authorization given by the general meeting of shareholders of April 14, 2022.
Teleperformance had collapsed by 33.9% to 175.95 euros yesterday morning, while according to ‘Time’, the TikTok subcontractor in Colombia would be the subject of an investigation for “traumatic work” … The Colombian Ministry of Labor is said to have launched an investigation into Teleperformance regarding allegations of violation of trade union rights, traumatic working conditions and low wages. Teleperformance reportedly employed TikTok content moderators who earned just $10 a day, according to Time. “Workers were routinely required to view videos showing murder, child abuse and sexual violence as part of their jobs. Attempts by workers to unionize were met with intimidation and threats,” again says Time.
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