What does the below statement mean?

Q & AWhat does the below statement mean?
Siew Lee Lim asked 6 years ago

Hi,
What does the below statement mean? Can someone please paraphrase?
During the financial year, the Company repurchased 3,446,500 ordinary shares of RM0.20 each from the open market at an average
price of RM2.53 per share for a total consideration of RM8,712,906 inclusive of transaction costs.

Peter Lim Staff replied 6 years ago

On that year, the company buys 3,446,500 of its own shares from the market at an average price of RM 2.53 each, which cost the company RM8,712,906 including transaction cost.

KCLau Staff replied 6 years ago

It means the company buy back their share from the open market. Any part that you need explanation?