March 26 (SeeNews) - Croatia's Atlantic Grupa [ZSE:ATGR-R-A] said on Monday it will launch a programme for the repurchase of up to 11,000 of its own shares in 2018.
The lowest price Atlantic Grupa will accept for a single share is equal to the nominal share price, while the highest must not exceed the average market price during 15 days prior to the acquisition, the company said in a filing to the Zagreb Stock Exchange.
The highest accepted price may be increased by up to 5%, subject to approval of the supervisory board.
The company announced no further details of the share buyback programme.
Atlantic Grupa's shares last traded at 965.0 kuna ($160.9/129.6 euro) on the ZSE on Friday. The company has 3,334,300 shares listed on the bourse priced at a nominal 40.00 kuna each.
The average price of the Atlantic Grupa’s share in 2017 was 837.2 kuna, while the average daily turnover amounted to 352.6 thousand kuna. With average market capitalisation of 3,783 million kuna Atlantic Grupa holds fourth place among the components of the ZSE's CROBEX10 stock index.
Atlantic Grupa is a regional distributor of fast-moving consumer goods and a producer of functional foods and supplements. It also owns a pharmacy chain in Croatia.