Korado Bulgaria's management board has picked local brokerage Elana Trading to service the programme, the company said in a bourse filing.
The programme will be priced in the range 5.24-5.5675 levs ($2.93-3.12 /2.68-2.85 euro).
The share repurchase programme will run until October 17.
As at 10:00 CET on Monday, Korado Bulgaria shares traded 2.36% higher at 6.50 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)