June 5 (SeeNews) - Bulgarian poultry producer Gradus [BUL:GR6] said on Friday that its shareholders have approved the launch a share repurchase programme targeting up to 3% of the company's capital.
Gradus will pay up to 2 levs ($1.10/1.02 euro) but no less than 1.2 levs per share, it said in a bourse filing on Wednesday.
The share repurchase programme will have a term of up to five years.
As at 11:45 CET on Friday, Gradus shares traded at 1.49 levs, unchanged from their previous closing price on the Bulgarian Stock Exchange.
Gradus shareholders will vote on the proposal at a meeting scheduled for June 5.
(1 euro = 1.95583 levs)