Bulgaria’s MonBat Completes Second Share Buyback Procedure, Plans Another One

The company plans to repurchase 0.366% of its capital this time, again aiming to support the company stock in unfavourable market conditions, the company said in a statement.

The Bulgarian equty market has been mostly falling over the last one year dragged down by global stock market slump.

MonBat plans to buy up to 143,000 of its own shares at a price between 6.0 levs and 8.0 levs starting on Monday. The procedure may continue for up to 180 days.

The company bought back 115,380 shares between September 15 and October 23 at an average price of 9.189 levs, MonBat said in the statement. It repurchased the same number of shares between August 1 and September 11 at an average price of 11.404 levs.

MonBat, majority-owned by Bulgarian lubricants producer Prista Oil, reaps 85% of its revenue on foreign markets like Germany, the Netherlands, Ukraine and Bulgarian neighbours Romania and Serbia.

Shares in MonBat plummted 9.55% to 6.15 levs on Friday in falling market. The company issued the statement after the close of bourse trading.

(1 euro = 1.95583 Bulgarian levs)