MHP could double amount of shares bought back

MHP S.A., the holding company of Myronivsky Hliboproduct, a large Ukrainian agroindustrial group, could buy back up to 5% of the total amount of its issued shares, while earlier it planned to buy back only 2.5%, according to a company statement on a stock exchange.

The decision was made by the company's shareholders at an extraordinary meeting.

In addition, the shareholders agreed to a proposal of the board of directors to increase the maximum buyback price from $15 to $18 per share.

As reported, the company's board of directors at its meeting on May 18, 2010 approved amendments to its Share Buy Back Program. In order to improve flexibility in managing the company's financial operations, the board decided to increase the maximum number of GDRs that can be purchased by the company under the Share Buy Back Program, to purchase up to 5,538,500 of its fully paid up ordinary shares in the form of GDRs, which are listed on the London Stock Exchange.