Romanian chemical group Chimcomplex (BVB: CRC) initiated the procedures for carrying out a buy-back operation involving up to 3% of its own shares. It plans to distribute the shares to management under stock-option plans.

The company will disclose to its shareholders the complete specifications of the buy-back plan after it is endorsed by the financial markets regulator ASF, Ziarul Financiar reported.

Calculated at the current market price, the 3% stake the company seeks to buy back is worth some EUR 20 mln.

The company's shareholders include CRC Alchemy Holding (the investment vehicle of the group's founder, Stefan Vuza, 85.3%), the Romanian state (9%), institutional investors (4.5%) and individual investors (1.2%).

The company’s capitalisation is RON 4.73 bln (EUR 0.94 bln).

andrei@romania-insider.com

(Photo source: the company)