June 1 (SeeNews) - Croatia's Meritus Ulaganja [ZSE:MRUL], the parent company of business process outsourcing services provider M+ Group (Meritus Upravljanje), said it plans to buy back own shares worth up to 75 million kuna ($11 million/10 million euro) in the next five years.
The proposal will be put to the vote of the company's shareholders at their June 30 general meeting, Meritus Ulaganja said in a statement with the Zagreb bourse on Friday.
Under the plan, the amount of the shares to be acquired on the local stock exchange under the five-year buyback programme, together with the shares the company already owns, should not exceed 10% of its issued share capital.
In addition, the price per share to be paid should not be more than 10% higher or lower than the average market price achieved in the previous trading day, the company said.
Meritus Ulaganja's shares last traded on the Zagreb bourse on February 14, closing 21.88% higher at 390 kuna.
The company's share capital of 85.78 million kuna is divided into 857,805 shares without nominal value.
(1 euro = 7.58855 kuna)