Romanian telecom group Digi Communications will carry out a share buyback program aiming to buy up to 10% of its Class B shares within the next 12 months.

The group has 100 million shares, of which 34.2 million are class B shares traded on the Bucharest Stock Exchange. The buyback program thus targets up to 3.42 million shares with a current value of EUR 24.5 million.

BRD Groupe Societe Generale will be the broker handling the program. The company plans to use the shares for its stock options programs. The group’s shares went up 8% on Friday, June 8, after the announcement.

Digi Communications, the biggest cable TV and fixed internet provider in Romania, listed its shares on the Bucharest Stock Exchange in May 2017, after a EUR 190 million initial public offering (IPO). The company’s shares lost 25% of their value in the last year, falling under RON 30 at the end of May, compared to an IPO price of RON 40. The shares bounced back in recent days, closing at RON 33.3 on Friday. The company thus has a market capitalization of EUR 716 million.

editor@romania-insider.com