REYKJAVIK - Festi hf. has been actively purchasing its own shares, investing more than 30 million Icelandic króna (ISK) during the week of November 13th, as part of an ongoing buyback program. The company's CFO, Magnús Kr. Ingason, reported to Nasdaq OMX Iceland that Festi acquired a total of 170,000 shares throughout the week.
The buyback strategy unfolded as follows:
- On Monday, Festi invested over ISK12 million to acquire seventy thousand shares.
- The initiative continued on Tuesday with thirty thousand more shares added to the company's portfolio for upwards of ISK5 million.
- By Friday, the company secured an additional seventy thousand shares at a cost of nearly ISK13 million.
This aggressive buyback resulted in Festi increasing its holdings from just under three million shares (0.93%) to over three million shares (0.99%). The total expenditure on share repurchases has now surpassed half a billion Icelandic króna. This strategy is part of a larger plan initiated on July 21st, with Festi aiming to spend up to ISK600 million (USD1 = ISK139.370) to obtain approximately 1.15% of its stock.
The company has assured compliance with all legal and regulatory standards designed to prevent market abuse and fraud throughout this process.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.