June 23 (SeeNews) - Romanian brick and tile maker Ceramica Iasi said it plans to take a loan of up to 12 million euro ($16.3 million) and to buy back shares equal to up to 10% of its share capital.
The company plans to use the loan to refinance existing credits and to finance the share buyback, dividends and investments, it said in a statement filed with the Bucharest Stock Exchange on Friday.
Ceramica plans to repurchase the shares at a price between 0.01 lei and 0.80 lei each over a period of 12 months and then cancel them in order to reduce its share capital, it said.
The company's shareholders will vote on the proposals at an extraordinary general meeting scheduled for July 7.
Ceramica Iasi is listed on the over-the-counter market RASDAQ. Its share capital is made up of 114.25 million shares.
($ = 0.7357 euro)