Vassiliko Cement Works Public Company Ltd shareholders on Thursday unanimously approved a special resolution authorising the company’s board to buy back its own shares over the next 12 months, subject to limits on the number of shares acquired and the prices paid.

Under the decision, approved during an extraordinary general meeting, the board is now authorised to acquire shares in the company during the 12-month period following the meeting.

The number of shares acquired must not exceed 10 per cent of the company’s issued share capital or 25 per cent of the average value of transactions traded on the Cyprus Stock Exchange (CSE) during the 30 days preceding each purchase, whichever limit is lower.

The resolution also stipulates that the company may hold any shares it buys back for a maximum period of two years.

The maximum purchase price for the shares must not exceed the average market price of the company’s shares over the five trading sessions preceding the relevant purchase by more than 5 per cent.

No minimum purchase price has been set. Any payments for the shares must be made from realised and undistributed profits.

Finally, the resolution also authorises the company secretary to take all necessary steps to implement the decisions approved by shareholders.