Chimcomplex’s shareholders approved a share buyback program on June 30, and in order to successfully complete it, the company needs to raise the price, as its shares have gone up since, reaching an all-time high of RON17.7 at the beginning of October, compared with the RON8.55 on June 30.
Chimcomplex ended the trading session on Tuesday, October 19, at RON15.4, an increase of 531% since the beginning of the year, amid RON15.7 million worth of transactions, according to the Bucharest Stock Exchange.
Based on this price, the RON30 it wants to pay shareholders means an about 95% yield. Chimcomplex shares have gained 80% since the buyback program was approved, ZF has calculated.
The company secured shareholder approval to buy back up to 7,059,620 shares or 3% of its share capital, with a par value of RON1.26/each, at a price at least equal to the quote on the Bucharest Stock Exchange at the time of the purchase and capped to RON15.
(English version by Loredana Fratila-Cristescu)