Serbia’s Tigar launches share buyback to strengten stock

Tigar will repurchase in a two-year period up to 85,923 shares at no less than 0.10 price to book ratio (p/b), or more than 0.4 p/b ratio, the company said in a filing to the bourse on Thursday. The share book value was 1,678 dinars at the end of September.

Tigar’s supervisory board said it believes that the company’s share price at this time does not reflect the fair value of the company and, in order to prevent the immediate and significant damage to the company and shareholders, due to the current instability of the financial market, it has made the decision to acquire its own shares on the regulated market.

Tigar also said that its share price showed a steady fall in the past six months - from 450 dinars ($ 5.1/3.9 euro) six months ago to 190 dinars on November 20. Its share price closed at 167 dinars on December 3, hitting a year low, according to bourse data.

The stock closed 9.19% higher at 202 dinars on Monday. On Friday it rose 2.21% to 185 dinars.

(1 euro=112.8015 Serbian dinars)