April 19 (SeeNews) - North Macedonian fuel storage and transport company Oilco KDA [MSE:OILK] said that it is seeking the approval of its shareholders to launch a one-year share repurchase programme, targeting up to 1% of its registered capital.
Oilco KDA's programme will be priced in the range 3,000 - 6,000 denars ($55-110/49-98 euro), the company said in a bourse filing on Friday.
The company has allocated 60 million denars from its 2018 net profit to fund the share buyback.
Oilco KDA shareholders will vote on the proposal at a general meeting scheduled for May 21.
The company's shares last traded on the Macedonian Stock Exchange at a price of 6,000 denars.
Oilco KDA has a fuel depot in the village Miladinovci near Skopje. The company transports petrol, diesel and heavy fuel oil, as well as compressed natural gas and liquid petroleum gas.
Oilco KDA's biggest shareholder is Macedonian fuel retailer Makpetrol [MSE:MPT].
(1 euro = 61.53 denars)