March 7 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said that it proposed to its shareholders to approve the launch of a share repurchase programme targeting up to 80,000 own shares.
Allterco intends to pay up to 30 levs ($16.7/15.3 euro) but no less than 15 levs per share in the repurchase programme which will run until the end of this year, the company said in a bourse filing last week.
The IoT products developer also said that the purpose of the share buyback is the provision of shares for the implementation of incentive programmes for members of its corporate management, employees, and its subsidiaries by granting shares.
Last week, Allterco said that its consolidated net profit excluding minority interest rose to 15.5 million levs in 2021, from 13.9 million levs in 2020. The company's consolidated revenue increased to 61.3 million levs last year from 50.8 million levs in 2020, mainly due to a rise in revenue from the sale of goods, to 59.3 million levs from 38.5 million levs.
As at 10:25 CET on Monday, shares in Allterco traded 13.50% lower at 14.10 levs on the Sofia bourse.
(1 euro = 1.95583 levs)