The Board of Directors of Finnair (AY, Helsinki Vantaa) has authorised a share buyback plan which foresees the acquisition of up to 600,000 shares, or 0.47% of all, from other shareholders.
The maximum sum earmarked for the buyback is EUR5 million euros (USD5.7 million).
The share buyback will start on December 5, 2018 at the earliest and continue through the end of April 2019. The shares will be bought through Nasdaq Helsinki stock exchange at current market rates. At the end of November 29, Finnair was trading at EUR7.12 euros per share, which would result in the total value of the buyback to be EUR4.27 million euros.
Finnair said it would mostly use the acquired shares for the purposes of its employee pension benefits scheme and to remunerate the key personnel.
The Finnish flag carrier currently holds a 0.15% stake in itself.
