Icelandair Group, the parent firm of Icelandair (FI, Reykjavik Keflavik), has announced it will embark on a share buyback programme.
The Icelandic carrier said in a stock market disclosure it will purchase up to 50 million shares, 1% of all, but has capped the value of the buyback programme at ISK750 million (USD7.46 million). The repurchase call will be valid through September 3, 2018.
As of March 2, 2018, the company's stock was trading at ISK15.95 per share on NASDAQ Iceland, which means that Icelandair Group may not be forced to limit the buyback to less than 50 million shares.
Icelandair Group already owns 2.79% of its own stock. The holding also owns regional specialist Air Iceland Connect (Reykjavik Domestic), as well as Loftleidir Icelandic (Reykjavik Keflavik) which has entered into a non-equity partnership with TACV - Cabo Verde Airlines (Praia) in 2017.
