Bulgaria's Bianor plans share buyback, employee equity participation

Bianor is seeking to buy back the shares at a price between 3 levs ($1.66/1.53 euro) and 7.5 levs apiece, it said in a bourse filing. The potential share buyback programme will run for up to three years.

Bianor will also propose a plan to incentivise employees through equity participation, offering selected employees the opportunity to acquire company shares through stock options. The options granted under the plan may be exercised by purchasing shares in the company or, at the discretion of the company, receiving the cash equivalent of the shares.

The proposals will be put to the vote at an extraordinary general meeting of shareholders on May 14.

The company is currently raising its capital from some 6.88 million levs to 12.36 million levs via a new share issue.

As of 1440 CET on Friday, shares in Bianor traded 1.54% higher at 3.96 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)