Bulgaria’s Sopharma buys back 56,111 shares

The volume of the repurchased equity is equivalent to a stake of 0.043% in the company, with the buyback costs adding up to 127,210 levs, Sopharma said in a statement to the Bulgarian Stock Exchange (BSE).

Sopharma has so far repurchased a total of 3.43 million shares, equivalent to a 2.6% stake. It plans to offer the shares to the shareholders of companies it will take over in the future.

Earlier this month, the company extended its buyback programme to five years and raised the targeted volume of shares to 10% of its own capital. The bottom price at which it will repurchase the shares was lowered to 2.1 levs apiece from 2.5 levs, while the maximum price remained unchanged at 5.5 levs.

The blue-chip company's shares traded 0.89% higher at 2.27 levs on the BSE at 1120 GMT.

(1 euro = 1.95583 Bulgarian levs)