Mytilineos announces share buyback programme

Mytilineos on Thursday announced an extraordinary general shareholders meeting on March 27 to approve a board plan for a share buyback programme in accordance with article 49 of Law 4548/2018, in order to reduce the share capital and cancel shares, or/and distribute shares to employees or/and members of the management of the company or/and of an associate company, in accordance with the applicable remuneration policy.

The right to participate and vote in the general meeting are held only by natural persons or legal entities who appear as shareholders of the company in the Dematerialized Securities System File of the Company.

Company sources said this move is a “safety net” for shareholders, in case of need, while at the same time supporting the Greek economy and Greek business. The timing of the move was considered to be favourable to implement this programme as “healthy business activity has embankments for crises even for the current coronavirus”. The same sources said the process could take two years without the obligation to be completed, but offers the flexibility to the company to offer value to its shareholders if necessary.