The Finnish telecommunication firm Nokia Oyj announced the start on Monday of the first phase of the company's share buyback plan
The company said that the total cost to purchase Nokia shares will not exceed €300 million. The buybacks are scheduled to commence no earlier than Wednesday and conclude by December 18, 2024.
The primary aim of these repurchases is to enhance Nokia's capital structure by reducing capital. This initiative is in line with the authorization granted by Nokia's annual general meeting on April 4, 2023.
The maximum amount of shares that can be repurchased in the first phase of the plan is set at 200 million shares, which is equivalent to around 4% of Nokia's total number of shares.
The shares will be bought through public trading on the Nasdaq Helsinki market and specific multilateral trading facilities, excluding any repurchases in the United States.