Embracer Group plans to spend up to $53.7 million to buy back some of its shares
Swedish holding company Embracer Group is preparing to launch a share buyback program. The company plans to allocate no more than 500 million Swedish kronor ($53.7 million) for this initiative.
Kingdom Come: Deliverance II Legacy of the Forge
In a message to investors, Embracer Group stated that the repurchased shares will subsequently be canceled. This move is intended to optimize the capital structure and enhance the company's value.
Before launching the program, Embracer Group needs approval from the majority of its shareholders at the annual meeting.
Following the news, shares of Embracer Group slightly increased in value. Their price rose by 4.95% to 100.42 Swedish kronor ($10.8) per share.
Embracer Group stock price trend on September 18
It should be noted that Embracer Group is undergoing a large-scale restructuring. By the end of the year, the holding company is expected to fully divide into three public companies: Asmodee Group (already separated from Embracer Group), Coffee Stain Group, and Fellowship Entertainment. Additionally, after the division, a fourth private company named Embracer AB will be created, which will become a shareholder in all three of the aforementioned organizations.