MTel Cancels Share Buyback Option

Telco

Magyar Telekom yesterday said the share buyback auction announced on May 9 cannot currently be executed, according to a report by state news wire MTI.

The reason given is the recently amended technical rules of trading conditions under the relevant EU Regulation hindering the use of the MMTS1 Auction trading system of the Budapest Stock Exchange for the purposes of the planned share buyback auction, the report noted.

MTel said it remains committed to the share buyback scheme and is assessing the timing and method of its execution.

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