Share Buybacks Gain Popularity in Bulgaria

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Share Buybacks Gain Popularity in Bulgaria

A total of nine Bulgarian companies have announced plans to repurchase stock this year. These include Monbat, Sofia Commerce Pawn Brokerage, Zlaten Lev Holding, Neochim, Stara Planina and its subsidiaries Elhim Iskra, M+S Hydraulic and Hydraulic Elements & Systems.

This is the first share repurchasing for eight of the companies, while Neochim has already bought back 38,000 of its own shares.

Only Monbat's buyback have started so far. The management of the company decided to repurchase a total of 115,000 shares.

The shareholders usually authorize the managerial teams to repurchase shares accounting for up to 3% of the capital of the companies for a period of five years.

Part of the companies announced that 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, while 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.

Companies, such as Industrial Fund, Investor BG, Albena, Odessos Ship Repair Yard and Holding Varna, carried out share buybacks in the previous years.

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