Plotinus launches share buyback ahead of delisting

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Holding company Plotinus announced on Monday the launch of a share buyback program as part of the gradual delisting of its shares from the Budapest Stock Exchange (BÉT), state news wire MTI reported.  

Plotinus, which is listed on the Equities Standard section of the BÉT, said it would buy back 300,000 of its shares at a fixed price of HUF 6,000 between June 11 and August 30, 2018.

Last August, Plotinus reduced the number of its ordinary shares listed on the bourse from 928,684 to 494,236.

Plotinusʼs board earlier proposed the delisting, as well as the share and bond buyback, after deciding that its presence on the stock exchange had "tied up significant resources without producing significant benefit."

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