The shareholders of Stara Planina Hold will decide at a general meeting in favor of the buyback of shares accounting for up to 3% of the capital of the company, X3News reports.
The period for the repurchasing of the shares will be no longer than five years after the meeting, while the minimum price offered per share will amount to the average daily price of the stock for the last 52 weeks prior to the date of the repurchase.
The maximum price will stand at 75% of the average daily stock price, also in the last one year prior to the date of repurchase.
The shareholders of the holding company will also decide on raising the capital of the company to 100 mln leva (51.1 млн еурос) in a five-year period through the issuing of new stock.
Stara Planina Hold's subsidiaries Elhim Iskra and Hydraulic Elements and Systems also announced recently their plans for the repurchasing of shares.
“The planned buyback operations indicate a good attitude towards the investors and are expected to stabilize the market and limit the stock price fluctuations”, Nikolay Mitankin, Investor Relations Director of Stara Planina Hold, told Profit.bg two weeks ago.
The stock of the company changed hands at prices ranging between 5.34 and 5.40 leva per share today.