February 24 (SeeNews) - Croatian shipping company Tankerska Next Generation [ZSE:TPNG] said on Monday it will buyback up to 110,000 of its own shares worth no more than 5.0 million kuna ($725,000/670,000 euro) in total.
The share buyback programme was adopted by Tankerska Next Generation (TNG)'s management board on February 21, the company said in a filing with the Zagreb bourse.
The programme will commence on February 24, 2020 and expire on February 24, 2021, at the latest, the statement reads.
It will be implemented in line with the resolution adopted by TNG's shareholders in June 2016, aimed at enhancing the value and boosting the liquidity of the company's shares.
The shares will be repurchased on the Zagreb bourse.
TNG is majority-owned by Zadar-based peer Tankerska Plovidba.
Its shares traded down 2.98% at 45.60 kuna by 11:40 CET on Monday on the Zagreb bourse, after adding 0.86% on Friday.
(1 euro = 7.46166 kuna)