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Norsk Hydro: Board Resolves To Initiate Up To NOK 2 Bln Share Buyback Program

Norwegian energy and aluminum company Norsk Hydro ASA (NHY,NHYDY.PK,NHYDY.PK) Friday said its Board of Directors has resolved to initiate a share buyback program valued at 2 billion Norwegian kroner.

The share buyback program covers purchase of up to 100 million shares with a maximum value of NOK 2,000 million, inclusive of the proportional redemption of shares owned by the Norwegian State.

The program will be executed in accordance with the authorization granted to the Board by the Extraordinary General Meeting held on September 20.

The company noted that the 2 billion kroner is equivalent to around 1.6% of the market value of the share capital in Norsk Hydro at the current share price level.

The program will commence September 26 and is planned finalized within March 29, 2023, with the authorization being valid until September 20, 2023.

The shares repurchased under the program will be redeemed/cancelled by way of a share capital decrease in Norsk Hydro, subject to approval by General Meeting.

The minimum and maximum amounts that can be paid per share shall be NOK 20 and NOK 150, respectively.

The company has entered an agreement with the Norwegian State, whose shares will be redeemed on a pro-rata basis to ensure that the Norwegian State's ownership is unchanged when shares are cancelled.

Norsk Hydro has engaged DNB Markets, a part of DNB Bank ASA, to manage and carry out the share repurchases in the market.

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