Sopharma shareholders OK share buyback, Biopharm merger

The share buyback programme will run for up to 18 months, Sopharma said in a bourse filing. The repurchased shares will be priced between their nominal value and 6.50 levs ($3.63/3.32 euro) apiece.

Investors also gave the green light to the absorption of the company's majority-owned subsidiary Biopharm Engineering, approving the merger contract concluded on January 23. In June, Bulgaria's financial regulator said it approved Sopharma's plan to absorb Biopharm Engineering.

Sopharma's equity capital is currently divided into some 134.8 million shares with a par value of 1 lev each.

As of 1530 CET on Friday, shares in the company traded flat at 5.48 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)