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.

ADVERTISEMENT

The New Age of Commerce is Approaching Analysis

The New Age of Commerce is Approaching

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

Blue Chip Art and Passion Assets - Claudia Worthington Hess ... Podcasts

Blue Chip Art and Passion Assets - Claudia Worthington Hess ...

Magyar Posta to Close 35 Post Offices in Capital City

Magyar Posta to Close 35 Post Offices in Capital

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.