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OTP buys HUF 1.8 bln of treasury shares on bourse

Telco

OTP Bank bought approximately HUF 1.8 billion in treasury shares on the Budapest Stock Exchange yesterday, the lender said in a disclosure today, Hungarian news agency MTI reported.

OTP bought 255,084 shares at an average price of HUF 7,007 per share, acting on a mandate from shareholders to bring its treasury share stock up to as far as 70 million shares, or about 25% of total shares. 

After the transaction on Monday, OTPʼs treasury share stock rose to 2,073,560 or 1.36% of total shares.

OTPʼs shareholders gave the board the mandate at a general meeting in April to supply the share incentive program for managers as well as create “the opportunity for rapid intervention in the event of share price fluctuations, developing and maintaining the services provided to customers, and executing transactions related to optimization of the Companyʼs capital”.

The mandate runs until October 15, 2017.

On Monday, OTPʼs share price rose 3.07% to HUF 7,060. Turnover of the shares reached HUF 4.4 bln for the session.

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