AB Artea Bankas Completes Successful Share Acquisition Program
AB Artea Bankas Successfully Completes Share Buyback Program
AB Artea Bankas has recently completed its share buyback initiative, an important step that underlines the bank's commitment to enhancing shareholder value. From May through June, the bank purchased a significant number of its own shares, amounting to a total of 2,540,000 treasury shares. This figure represents an impressive 96% of the authorized limit established at the onset of the program, showcasing the bank's strategic approach in the regulated market.
Details of the Share Buyback Initiative
The buyback program, officially sanctioned by the Management Board of AB Artea Bankas, was set in motion on April 30, following the shareholders' ordinary general meeting held on March 31. The initiative aimed to reduce the Bank's overall capital, indicating a strong move towards optimizing its financial structure.
During the buyback period, the transactions totaled an astounding EUR 2,225,741.28, with an average purchase price of EUR 0.876 per share. This not only reflects the bank's confidence in its market stability but also aligns with broader efforts to strengthen shareholder commitment and market trust.
ECB Authorization and Future Plans
The program received crucial backing from the European Central Bank (ECB), which authorized the buyback of up to 13,745,114 shares back in August of the previous year. Such external validation from a significant regulatory body enhances investor confidence in the bank's future prospects.
“We are thrilled to announce the successful completion of our share buyback program under the ECB's authorization. Our aim is to continue purchasing our shares as part of our dedication to delivering greater value for our shareholders,” said Tomas Varenbergas, a board member who heads the Investment Management Division of Artea Bank.
Investment Strategy Moving Forward
Looking ahead, the Bank has proactively submitted a new request to the ECB on April 9 for permission to acquire an additional 4.5 million of its own shares. Furthermore, the Bank plans to allocate up to 5% of its profit from the previous year towards this buyback initiative, reiterating its commitment to long-term value growth.
AB Artea Bankas will make additional announcements once it secures the necessary approvals from the ECB. This continued focus on share acquisition is part of the Bank's broader strategy to fortify its financial standing and foster long-term relationships with its investors.
Additional Information Contact
For more information regarding the share buyback program or any related inquiries, please contact:
Tomas Varenbergas
Head of Investment Management Division
Email: tomas.varenbergas@artea.lt
Phone: +370 610 44447
Frequently Asked Questions
What was the total number of treasury shares acquired by AB Artea Bankas?
The bank acquired 2,540,000 treasury shares during the buyback program.
What was the total expenditure on the share buyback?
The total expenditure for the share buyback amounted to EUR 2,225,741.28.
Who authorized the buyback program?
The buyback program was authorized by the European Central Bank (ECB).
What is the average price paid per share during the buyback?
The average price paid per share during the buyback was EUR 0.876.
Will AB Artea Bankas continue its share buyback program?
Yes, the bank plans to continue buying back shares as part of its strategy to create greater value for shareholders.
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