April 11 (SeeNews) - Bulgarian telecoms services provider Allterco [BUL:A4L] said that its shareholders approved at a general meeting held on Friday the terms and conditions for the planned repurchase of up to 80,000 company shares.
The shares will be bought back at a price ranging from 15 levs to 30 levs apiece, Allterco said in a regulatory filing published after close of trade on Friday.
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The share repurchase, which may take the form of a one-off deal or be broken up into several transactions, is scheduled to be completed by December 31. It will take place on the stock exchange and may also involve OTC transactions.
The Bulgarian IoT products developer said in March that the proposed share buyback will facilitate share-based incentive programmes for members of its corporate management, employees and subsidiaries.
In 2021, Allterco grew its consolidated net profit excluding minority interest to 15.5 million levs ($8.6 million/7.9 million euro) from 13.9 million levs in 2020.
Shares in Allterco were trading 2.97% lower at 19.60 levs as at 1238 CET on Monday.
(1 euro = 1.95583 levs)