Scatec ASA Completes Employee Share Buyback Initiative
Oslo: Scatec ASA, a prominent player in renewable energy solutions, has successfully wrapped up its share buyback program aimed at fostering employee ownership through the Employee Share Purchase Programme.
Details of the Buyback Program
The recent completion of the share buyback program was first announced on June 26, highlighting the company's commitment to its employees. Under this program, Scatec partnered with DNB Bank ASA to facilitate the buybacks in compliance with article 5 of the EU Market Abuse Regulation.
In total, Scatec procured 68,533 of its own shares, acquiring them at an average volume-weighted price of NOK 94.6609. This initiative reflects Scatec's transparent approach, as they have prepared a detailed report of all transactions connected to the buyback program, summarizing the transactions involved.
Impact of the Share Acquisition
The shares acquired through this program are designated specifically for the Employee Share Purchase Programme. After these shares were sold to employees, the company does not retain any ownership of them, emphasizing the focus on enhancing employee ownership.
About Scatec ASA
Scatec ASA is not just a leader in supplying renewable energy solutions; it strives to enhance access to reliable, affordable clean energy across emerging markets. Currently, the company operates and constructs facilities with a cumulative capacity of 6.2 GW across five continents.
With an unwavering commitment to growing renewable energy capacity, Scatec relies on its enthusiastic employees and partners, who are united in a vision of "Improving our Future." Headquartered in Oslo, Norway, Scatec ASA is also publicly traded on the Oslo Stock Exchange under the ticker symbol 'SCATC'. This listing underscores the company’s dedication to transparency and accountability in the renewable energy sector.
For additional information about Scatec ASA and its initiatives in renewable energy, you can contact Andreas Austrell, Senior Vice President of Investor Relations, at +47 974 38 686 or via email at andreas.austrell@scatec.com.
Frequently Asked Questions
What is the purpose of Scatec's share buyback program?
The share buyback program aims to strengthen employee engagement by allowing them to purchase shares, thereby increasing their ownership stake in the company.
How many shares did Scatec acquire during the buyback?
Scatec acquired a total of 68,533 own shares at an average price of NOK 94.6609 per share.
Who managed the buyback program for Scatec?
DNB Bank ASA was appointed to manage the share buybacks on behalf of Scatec, ensuring compliance with regulatory requirements.
What happens to the shares after they are bought back by Scatec?
After being acquired, the shares are sold directly to employees as part of the Employee Share Purchase Programme, with the company retaining no ownership of any shares.
How does Scatec contribute to renewable energy?
Scatec develops, builds, owns, and operates renewable energy plants, significantly impacting access to clean energy globally.
