(Alliance News) - Georgia Capital PLC on Wednesday said its board of directors approved a USD10 million share buyback and cancellation programme.
Taking place over a three-month period, the Tbilisi-based investor focusing on domestic businesses in Georgia said the scheme would begin immediately, with shares purchased in the open market and the cancellation of treasury shares to be executed on a monthly basis.
It said the purpose of the buyback was to reduce share capital, while a maximum of around 6.9 million shares has been set for repurchasing.
Georgia Capital said it will make further announcements in due course following the completion of any share repurchases. It has appointed Numis Securities Ltd to manage the programme.
Shares in Georgia Capital were down 2.0% to 755.00 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
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