FLSmidth & Co. A/S has spent DKK 678.06 million repurchasing shares since May, advancing a DKK 1 billion program the mining supplier says is intended to adjust its capital structure.
The company said Monday it bought 64,000 shares for DKK 37.84 million over the five trading days from Oct. 12 to 16. That brought purchases under the program to 1,301,673 shares.
FLSmidth now holds 4,732,644 of its shares as treasury stock, equal to 8.21% of its share capital. Last week's daily purchases ranged from 12,000 to 14,000 shares, at average prices between DKK 580.28 and DKK 601.03.
The program began May 18 and allows FLSmidth to acquire no more than 2.3 million shares within its DKK 1 billion spending limit. BNP Paribas manages the purchases independently, the company said when it launched the program.
FLSmidth intends to propose canceling repurchased shares that are not needed for share-based incentive obligations at a general meeting after the program ends. The buyback is scheduled to finish no later than Dec. 30.
