June 29 (SeeNews) - Croata's diversified conglomerate Adris Grupa [ZSE:ADRS] said on Tuesday it has launched a new one-year share buyback programme that will run until June 20, 2022.
The maximum amount of shares that could be repurchased under the new programme is 967,065 units, Adris said in a filing with the Zagreb Stock Exchange (ZSE). The overall value of the new programme is set at 450 million kuna ($71 million/60 million euro), with the repurchased shares to be distributed to Adris employees and management.
The new programme was launched on June 18 when the company held 672,935 of its own shares representing around 4.10% of its share capital.
It is in line with a company's shareholders' decision from June 11, 2019 to buy back own shares within in a five-year period. The company held 2.66% own shares on June 18, 2019, when the first programme started, and 3.82% on June 18, 2020 when the second one-year programme commenced.
Under the new programme, Adris bought 260 preferred shares at an average weighted price of 450 kuna per share on Friday. On Monday, it bought a further 210 ordinary shares at an average weighted price of 485.05 kuna per share, as well as 409 preferred shares at an average weighted price of 447.32 per share. Following these transactions, the company holds 673,814 own shares representing roughly 4.10% of its total share capital of 164 million kuna, distributed in 16.4 million shares.
Intraday on Tuesday, Adris' ordinary shares declined 1.64% to 480 kuna, in a turnover of almost 1.3 million kuna. Its preferred shares fell 1.57% to 440 kuna, in a turnover of 1.1 million kuna.
Adris Grupa is active in tourism, fish farming, and controls the largest insurer in the country, Croatia Osiguranje.
(1 euro = 7.4930 Croatian kuna)