Robit Oyj commences an Equity Buyback Plan for 2,117,990 shares, representing 10% of its issued share capital, under the authorization approved on March 15, 2023.
September 25, 2023 at 11:45 am EDT
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Robit Oyj (HLSE:ROBIT) commences share repurchases on September 18, 2023, under the program mandated by the shareholders in the Annual General Meeting held on March 15, 2023. As per the mandate, the company is authorized to repurchase up to 2,117,990 shares, representing 10% of its issued share capital. The company?s shares may be repurchased using unrestricted shareholders' equity. The authorization will be used for the purposes of implementing the company's share-based incentive systems or for other purposes as decided by the Board of Directors. The program is valid until the closing of the next Annual General Meeting, however, no longer than until June 30, 2024.
On September 18, 2023, the company initiated a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 0.5% of its issued shares. The program will be funded from company?s distributable unrestricted shareholders? equity. The program will start on September 20, 2023 and will end no later than November 30, 2023.
Robit Plc is a Finland-based company that develops, produces and markets button bits for rock drilling and casing systems for ground drilling. The Company's products can be divided into top hammer drilling consumables, which are used for rock drilling, and down-the-hole (DTH) drilling consumables, which are used for ground drilling. Its rock drilling offering comprises threaded button bits, drifter rods, extension rods, coupling sleeves, pilot adapters, and reamers. The components for ground drilling include pilots, rings, and impact shoes. The Company also offers site investigation, piling, bench drilling, production drilling, drifting and tunneling, forepoling, anchoring, horizontal drilling, micropiling and underpiling, and water well drilling. The Company has sales companies in Finland, South Korea, the United States, Russia, South Africa and Peru, and sales offices in Thailand and China. Its subsidiaries include Bulroc Ltd and Drilling Tools Australia Pty Ltd, among others.
Robit Oyj commences an Equity Buyback Plan for 2,117,990 shares, representing 10% of its issued share capital, under the authorization approved on March 15, 2023.
ROBIT OYJ 
