Bulgaria’s Sopharma plans to extend buyback programme, targets 10% own capital

The proposal will be put to the vote at an extraordinary shareholders meeting scheduled for November 1, Sopharma said in a statement filed with the Bulgarian Stock Exchange (BSE).

The company also plans to lower the bottom price at which it will repurchase its shares to 2.1 levs ($1.39/1.07 euro) apiece from the current 2.5 levs, while the maximum price will remain unchanged at 5.5 levs, the statement added.

Sopharma has so far repurchased a total of 3,205,255 own shares, equivalent to 2.43% of its capital. It plans to offer the shares to the shareholders of companies it will take over in the future.

Shares in the blue-chip drug maker traded 0.38% higher at 2.399 levs by 1030 GMT on the BSE. A total of 500 company shares had changed hands by that hour.

(1 euro=1.95583 Bulgarian levs)