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SOFIA (Bulgaria), February 26 (SeeNews) - Bulgarian copper mining company Asarel-Medet said on Tuesday that its shareholders have approved the management's plan to launch a share repurchase programme worth up to 100.5 million euro ($114.2 million).
The proposal, targeting up to 14.7% of the company's capital, envisages buying back up to 591,240 own shares in the price range of 170 to 200 euro apiece, Asarel-Medet said in the minutes of its shareholders meeting.
Asarel Medet was set up in 1991 and is based in Panagyurishte, in southern Bulgaria. In June 1999, the company was acquired by Asarel-Invest – a joint stock company majority owned by VA Copper Invest - a subsidiary of Austria's VA Intertrading.
Malta-based VA Copper Invest owned a 67.91% stake in Asarel-Medet at the end of 2017, according to the latest available data from the commercial register.
($ = 0.8801 euro)