August 14 (SeeNews) - Bulgarian rubber products manufacturer Kauchuk [BUL:4KU] said that it has received the approval of its shareholders to launch a share repurchase programme targeting up to 3% of its capital.
Kauchuk plans to buy back 28,262 own shares at a price of up to 65 levs ($37.74/33.23 euro) but no less than 40.5 levs, the minutes from the company's shareholders meeting, published after trading hours on Thursday, showed.
The share buyback programme will run for 18 months.
Kauchuk shares closed 20.85% higher at 51 levs on the Bulgarian Stock Exchange on Friday.
The company's net profit grew to 6.7 million levs in 2019 from 4.5 million levs in 2018.
(1 euro = 1.95583 levs)