February 4 (SeeNews) - Serbian blue-chip household appliances manufacturer Alfa Plam [BEL:ALFA] said it plans to buy back own shares representing up to 10% of its share capital.
Alfa Plam intends to repurchase a total of 15,733 own shares on the Belgrade Stock Exchange in order to prevent distortions in the securities market and damage to the company, it said in a bourse filing last week.
The decision was taken by the board of directors of Alfa Plam on January 29, after the company's share price declined to 26,400 dinars on January 9, 2020 from 33,000 dinars on January 31, 2019, the company explained.
The share price of Alfa Plam edged up 0.19% to 26,451 dinars on the Belgrade Stock Exchange on Monday.
Last month, Alfa Plam decreased its registered capital to 1.054 billion dinars from 1.171 billion dinars through the cancellation of 17,480 of its own shares. After the completion of the share cancellation, the company has 157,332 issued shares of 6,700 dinars in par value apiece.
The company is one of ten members of the BELEX15 blue-chip index of the Belgrade bourse. It has a free float factor (FFc) of 23.25%, which accounts for 3.46% of the total capitalisation of the index.