Bulgaria’s MonBat extends buyback programme deadline

Bulgarian car battery maker MonBat [BUL:5MB] said it has extended by 180 days the deadline for its eleventh buyback programme, which targets a total of 414,424 shares.

So far, the company has repurchased 365,576 shares at an average price of 4.83 levs ($3.31/2.47 euro) each under the buyback programme, which was launched on August 15, MonBat said in a note to investors on Monday.

The company will seek to repurchase the remainder of the shares it targets at a maximum price of 6.50 levs apiece.

MonBat is majority-owned by Bulgarian lubricants producer Prista Oil.

The company’s blue chip stock traded on the Bulgarian Stock Exchange 1.82% higher at 6.2 levs by 0840 GMT.

(1 euro=1.95583 Bulgarian levs)

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