Icelandic company Festi hf. has confirmed a reduction in its share capital, following the approval of a buy-back programme in 2022. The change was officially sanctioned during a shareholder meeting held on August 23, 2023, and will take effect on Monday.
The company's share capital will decrease by ISK 8,000,000 nominal value, as per the details provided by CFO Magnús Kr. Ingason. The Register of Enterprises has confirmed the new share capital to be ISK 304,500,000, marking a reduction from the previous ISK 312,500,000.
The reduction is linked to a buy-back programme that was approved under Article 55 of Act no. 2/1995. Following this adjustment, Festi will hold ownership of 1,703,286 shares post-reduction. Each share carries one vote.
The changes have been communicated to Nasdaq CSD and will be effected on October 16, 2023. For additional information regarding this development, interested parties are advised to reach out to CFO Magnús Kr. Ingason.
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