June 28 (SeeNews) - Croatia's biggest telecoms operator, Hrvatski Telekom [ZSE:HT-R-A], said on Wednesday it will launch a share buyback programme on July 3, targeting to purchase up to 2,500,000 shares until April 20, 2021.
Hrvatski Telekom will spend up to 500 million kuna ($76.8 milion/67.5 million euro) under the programme, it said n a Zagreb bourse filing.
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The company currently has a total of 81,888,535 ordinary no-par value shares, 2,966 of which are own shares.
The own shares will be acquired under the following requirements: the daily trading volume of shares will not exceed 25% of the average daily trading volume of HT shares achieved in the past 20 days; the highest price at which own shares are acquired must not be above 10%, i.e. below 10% of the average market price per share achieved during the preceding trading day; the price will also not exceed the highest price at which the shares were acquired in the last independent transaction and the price of the current highest independent offer on the ZSE.
"Acquired own shares in the programme are to be withdrawn without reducing the issued share capital by which the portion of the remaining shares will be increased," HT said, adding that it plans to cancel the acquired own shares at the end of each financial year.
Hrvatski Telekom serves 1.0 million fixed lines, 2.2 million mobile subscribers, and 763,000 broadband connections.
(1 euro=7.41087 kuna)