September 15 (SeeNews) - Croatian hotel owner and operator Arena Hospitality [ZSE:ARNT] said on Thursday it will launch an up to 30 million kuna ($4.0 million/4.0 million euro) share buyback programme.
The two-year programme starts on September 15, Arena said in a filing with the Zagreb Stock Exchange (ZSE).
The purchase price for the shares to be bought back under this programme shall not deviate by more than 10% from the average market price per share achieved during the previous trading day. The maximum number of shares that could be repurchased under the new programme is 100,000 units.
The purpose of this programme is to use the shares within an employees' reward programes and other treasury shares disposal programmes.
On September 14, when the programme was adopted, Arena held 45,169 treasury shares representing 0.88% of the company's share capital.
Arena's shares which are members of the two main equity indices of the bourse traded 1.63% higher at 250 kuna intraday on Thursday.
(1 euro=7.523 Croatian kuna)