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Magyar Telekom to initiate share buyback auction

Telco

Magyar Telekom on Monday said that in accordance with its extraordinary announcement on February 25, 2021, it is initiating a share buyback auction through which it intends to repurchase own shares with a maximum total value of HUF 10.208 billion for the purpose of shareholders’ remuneration, according to a report by state news wire MTI.

The transaction is scheduled for June 10, 2021 and will be carried out via the trading system of the Budapest Stock Exchange.

Shares will be purchased starting from the lowest price offered with total overall value less or equal to the maximum amount. Participation in the transaction is voluntary. 

UniCredit Bank Hungary will act as the company’s mandated auctioneer.

The company intends to announce further details on the auction such as participation, order-collection, and transaction completion periods prior to the transaction. 

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