March 9 (SeeNews) - Croatia's fast-moving consumer goods distributor Atlantic Grupa [ZSE:ATGR-R-A] said on Thursday it plans to repurchase up to 100,000 own shares on the Zagreb bourse this year under its programme to offer the stock to its employees.
The lowest price at which Atlantic will buy back its shares will equal their par value, the group said in a statement.
The highest repurchasing price will not exceed the average market price of the stock in the 15 days preceding a buyback transaction. That price can be increased by up to 5%, subject to approval by the supervisory board of the company.
The 2023 share buyback programme is in line with a June 2019 shareholders' decision authorising the management to repurchase the company's own shares.
Atlantic Grupa’s shares y traded 0.41% higher at 49.40 euro ($52.21) intraday on Thursday on the Zagreb Stock Exchange.
($ = 0.946 euro)