Eimskipafélag Íslands hf. commences an Equity Buyback Plan, under the authorization approved on March 9, 2023.
October 16, 2023 at 04:30 am EDT
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Eimskipafélag Íslands hf. (ICSE:EIM) commences share repurchases on October 11, 2023, under the program mandated by the shareholders in the Annual General Meeting held on March 9, 2023. As per the mandate, the company is authorized to repurchase its own shares, such that the company?s holding does not exceed 10% of its issued share capital. The purpose of the share repurchase is capital share reduction and/or to fulfil the company?s obligations that the company may undertake in accordance with the stock option plan. The program will be valid for 18 months till September 9, 2024.
On October 10, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to 2,150,000 shares, representing 1.28% of its issued share capital for ISK 1,000 million. The maximum price which may be paid for an ordinary share shall not be higher than the price of the last independent trade or the highest independent bid in Nasdaq Iceland at the time of the transaction. The company entered into an agreement with Artica bank hf. to repurchase its own shares. The repurchases will commence on October 11, 2023, and the program will expire on September 9, 2024.
Eimskipafelag Islands hf (The Icelandic Steamship Company) is an Iceland-based shipping and logistics company. The Company offers shipping solutions around the world. It provides such import services, as pre-carriage, harbor services, sea or air freight, customs documentation, land transport, warehousing, and such export services, as export of dry, fresh and frozen products from Iceland. The Company has such subsidiaries, as Eimskip-CTG, which operates a fleet of reefer vessels and cold stores, specializing in transport and handling of temperature controlled goods; Faroe Ship, which is a Faroe Islands-based shipping company; Eimskip Flytjandi, offering land transportation services; TVG-Zimsen, which focuses on sea, air and domestic transport, as well as on documentation, and Herjolfur, which operates a ferry between Iceland and the Westman Islands.
EIMSKIPAFÉLAG ÍSLANDS HF. 
