ZAGREB (Croatia), June 15 (SeeNews) – Croatian diversified conglomerate Adris Grupa [ZSE:ADRS] said on Wednesday that it would launch a new one-year share buyback program on June 21 that will run until June 20, 2023.

The maximum amount of shares that can be redeemed under the new program is 944,607 units, Adris said in a filing with the Zagreb Stock Exchange (ZSE).

The aggregate value of the new program is set at 450 million kunas ($62 million/60 million euros), with the repurchased shares to be offered for sale and/or distributed as a reward to employees and company management. ‘Adris.

The company holds 695,393 of its own shares, representing 4.24% of its share capital.

The launch of the new share buyback program is part of a decision by shareholders on June 11, 2019 to buy back treasury shares over the next five years. The company held 2.66% of treasury shares on June 18, 2019, the start date of the first program, 3.82% on June 18, 2020, the start date of the second one-year program, and 4.10% of its own shares, on June 18, 2021, the date of the third one-year program began.

On Wednesday, ordinary shares of Adris traded down 1.79 percent to 440 kuna, while its first-class preferred shares fell 0.49 percent to 405 kuna.

Adris Grupa is active in tourism, fish farming and controls the country’s largest insurer, Croatia Osiguranje.

(1 euro = 7.523 Croatian kuna)