Monbat to start new buyback

Bulgarian blue-chip car battery maker MonBat [BUL:5MB] said on Friday it adopted a decision for a new buyback procedure, which will be its 12th repurchase initiative.

Under the procedure a total of 414,424 shares will be bought back at a minimum price of 4.50 levs ($3.06/2.30 euro) and a maximum price of 7.50 levs, the company said in a press release.

The initial term for the buyback is September 17 and the implementation term, including payment of the bought back shares – up to 180 calendar days.

The purpose of the buy back is increasing the liquidity of the company’s shares.

(1 euro = 1.95583 Bulgarian levs)

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