April 22 (SeeNews) - North Macedonia's Makedonijaturist said that Sava Penzisko Drustvo, which holds a 9.25% stake in the hotel management company, has proposed that Makedonijaturist shareholders approve the launch of a share buyback programme to utilise the abundance of free cash.
Sava Penzisko Drustvo's proposal will be tabled at Makedonijaturist's general shareholders meeting, scheduled for May 8, Makedonijaturist said in a bourse filing on Friday.
Sava Penzisko Drustvo is proposing a one-year share repurchase programme priced in the 4,300-6,140 denars ($79-112/70-100 euro) range.
Currently, Makedonijaturist owns over 10% of its own shares, but there are no legal limits that restrict the company from further increasing its own shareholding, Sava Penzisko Drustvo states in its proposal.
Makedonijaturist shares last traded on the Macedonian Stock Exchange at a price of 5,300 denars.
Sava Penzisko Drustvo is a wholly-owned unit of Slovenian reinsurer Sava Re [LJE:POSR], according to data from Sava Penzisko Drustvo's website.
(1 euro = 61.56 denars)