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Norsk Hydro to initiate share buyback program

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Norwegian power and aluminum firm Norsk Hydro ASA mentioned Friday it has determined to initiate a share buyback program that may see up to 100 million shares bought for a most of two billion kroner ($192.2 million).

The firm
NHY,
-0.17%

mentioned NOK2 billion is equal to round 1.6% of the market worth of its share capital on the present share worth.

The buyback program will begin Sept. 26 and is ready to be finalized inside March 29, 2023, with the authorization being legitimate till Sept. 20, 2023.

The Norwegian state is Norsk Hydro’s largest shareholder, with a 34.3% stake, and the corporate mentioned it has entered an settlement that may make sure the state’s possession is unchanged after the buyback and subsequent share cancellations.

Write to Dominic Chopping at [email protected]



Source: www.marketwatch.com

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