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UPDATE 1-Slovenian drug company Krka to buy back shares
June 3, 2014 / 9:58 AM / 3 years ago

UPDATE 1-Slovenian drug company Krka to buy back shares

(Adds company quote, share price)

LJUBLJANA, June 3 (Reuters) - Slovenian generic pharmaceutical company Krka said it would delist 7.4 percent of the shares it already owns and buy back another up to 10 percent over the next three years to increase the returns and value per share.

Slovenia’s largest listed company said it planned to use the shares that it buys back as a currency for any possible takeover or sale to an investor.

“We will delist shares so as to increase the value for shareholders and increase the return per share,” Krka said in a statement prepared for Reuters.

Krka shares rose 0.55 percent to 69 euros ($93.89) after the announcement, while the blue-chip SBI index lost 0.23 percent.

The company said the delisting would take place immediately after the move is approved by shareholders at a meeting on July 3.

Krka will have a total of 32.8 million shares after it delists the 7.4 percent.

$1 = 0.7349 Euros Reporting By Marja Novak; editing by Louise Heavens and Jane Baird

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