Fugro rises on new share buyback
18/11/2024 08:48
** Shares in Fugro FUGR.AS rise 5.8% after the
geotechnical services provider launched a 50 million euro
($52.72 million) share buyback programme
** It says all shares acquired through the programme will be
cancelled, offsetting dilution from the recently matured
convertible bonds
** KBC sees this as a welcome announcement following what it
viewed as unwarranted sell-off
** "The programme will start today and is expected to be
completed mid-January or sooner," Fugro says
** It is also exploring refinancing its 400 million euro
term loan and revolving facilities agreement
** The shares are on track for their best day since Aug. 21
if the gains hold
($1 = 0.9484 euros)
(Reporting by Mathias de Rozario)
((mathias.derozario@thomsonreuters.com))