July 23 (SeeNews) - Bulgarian software group Sirma Group Holding [BUL:SKK] said that it is seeking the approval of its shareholders to launch a 20 million levs ($11.4 million/10.2 million euro) share repurchase programme, targeting up to 32% of the company's capital.
Sirma Group Holding intends to repurchase up to 19 million own shares at a price in the 0.1-2.0 levs range by the end of 2022, the company said in a bourse filing last week.
As at 9:30 CET on Tuesday, the software group's shares traded 2.0% lower at 0.735 levs on the Bulgarian Stock Exchange.
Last week, Sirma Group Holding hit an all-time low closing price of 0.62 levs. However, in the three trading sessions following the share buyback announcement, Sirma Group Holding shares gained 17.2%, closing at 0.75 levs on Monday.
Sirma Group Holding shareholders will vote on the proposal at a meeting scheduled for August 26.
(1 euro = 1.95583 levs)