Tigar's Supervisory Board makes decision to buy back own shares

Tigar's Supervisory Board has made a decision to repurchase up to 5 percent of own shares, that is, maximum 85,923 shares, the company said in a release.

According to that release, Tigar will buy back own shares on the Belgrade Stock Exchange, "with the aim of preventing disturbances in the securities market and a greater and direct damage to the Company."

The price at which these shares will be repurchased will be determined by the director general of Tigar on the basis of public information about the trading on the Belgrade Stock Exchange. What is for sure is that it will range between 10 and 40 percent of the book value of that security (167-171 dinars).

Tigar shares have lost 64 percent in value since the beginning of the year. At the latest share price of RSD 185, the company's market cap amounts to RSD 317.9 million (EUR 2.8 million).