March 18 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:5SR] said that it is seeking the approval of its shareholders to launch a share buyback programme targeting up to 3% of the company's capital.
The programme will be priced in the 5.0-7.0 levs ($2.90-4.06 / 2.56-3.58 euro) range, Stara Planina Hold said in a bourse filing on Friday.
Stara Planina Hold shares last traded on the Bulgarian Stock Exchange at a price of 6.1 levs.
The term of the programme will be up to 5 years.
Stara Planina Hold shareholders will vote on the proposal at a meeting scheduled for May 16.
Stara Planina Hold's investment portfolio includes companies from the sectors of machine building, electrical engineering and perfumery and cosmetics.
(1 euro = 1.95583 levs)