June 3, 2014 / 6:53 AM / 4 years ago

CORRECTED-Slovenian drug company Krka to buy back shares

(Corrects the first paragraph to say it will delist 7.4 pct of shares)

LJUBLJANA, June 3 (Reuters) - Slovenian generic pharmaceutical company Krka will delist 7.4 percent of the shares it owns and continue to buy back shares over the next three years, the company said on Tuesday.

Slovenia’s largest listed company said it will buy back up to 10 percent of its own shares which could be used as a currency in possible takeovers or sold to an investor.

The plan will be put to shareholders at a meeting on July 3.

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

The company did not give the reason for the delisting and the buyback, but companies typically buy back shares to increase the value of the stock remaining.

Shares in Krka closed 0.18 percent higher at 68.62 euros ($93.37) in Monday, while the blue-chip SBI index rose 0.07 percent. ($1 = 0.7349 Euros) (Reporting By Marja Novak, editing by Louise Heavens)

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