The board of directors of Icelandair Group hf. has decided to execute a share repurchase program in order to reduce its share capital, the company said.
Up to 10% the company´s shares may be purchased within an 18 month period. The share repurchase will at most amount to 114 million shares or 2.28% of the total share capital.
Currently, the Company owns 25,000,000 of its own shares, or 0.5% of the total share capital. However, shares will not be purchased in excess of a total value of ISK 1.7m.
The financial services company Virding hf. will manage and operate the repurchase program, and will make all trade decisions regarding share repurchase and the timing of such purchases independently from the company.
Reykjavik, Iceland-based Icelandair Group, together with its subsidiaries, operates in the airline and tourism sectors in Iceland and internationally. It offers air travel and cargo air freight services; aircraft, crew, maintenance, insurance, and charter solutions for the international passenger airlines and tour operators; and airline services to the West Nordic countries. The company also operates hotels, offers various travelling services, and provides airport ground handling services. Further, the company offers various financial services. As of December 31, 2015, it operated a fleet of 43 aircraft, including 35 owned and 8 leased aircraft.