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Croatia's Adris launches one-year share buyback programme

Author Annie Tsoneva
Croatia's Adris launches one-year share buyback programme Author: Adris Grupa. License: All rights reserved.

ZAGREB (Croatia), June 15 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS] said on Wednesday it will launch on June 21 a new one-year share buyback programme that will run until June 20, 2023.

The maximum amount of shares that could be repurchased under the new programme is 944,607 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 ($62 million/60 million euro), with the repurchased shares to be offered for sale and, or, distributed as award to Adris employees and management.

The company holds 695,393 of its own shares, representing 4.24% of its share capital.

The launch of the new share buyback programme is in line with a shareholders' decision from June 11, 2019 to buy back own shares over the next five years. The company held 2.66% own shares on June 18, 2019, when the first programme started, 3.82% on June 18, 2020 when the second one-year programme commenced, and 4.10% of its own shares on June 18,2021, when the third one-year programme began.

Intraday on Wednesday, Adris' regular shares traded 1.79% lower at 440 kuna, while its blue-chip preferred shares fell 0.49% to 405 kuna.

Adris Grupa is active in tourism, fish farming, and controls the largest insurer in the country, Croatia Osiguranje.

(1 euro = 7.523 Croatian kuna)

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