March 22, 2013 / 7:36 AM / 5 years ago

Spain's Dia says to buy back up to 1 million shares

MADRID, March 22 (Reuters) - Spanish supermarket group Dia said on Friday it would buy back up to 1 million shares, equivalent to 0.15 percent of the company’s capital, over a two-month window.

The discount chain, spun off by France’s Carrefour last year, said it would buy back the shares at market prices. Dia’s share price has risen 50 percent over the last year to close at 5.6 euros ($7.24) on Thursday.

The company, which generates most of its business in Spain, France and Portugal, has escaped the retail downturn in its recession-hit domestic market, as customers turn to the chain for cheap products, boosting profit.

Dia also proposed paying shareholders a dividend of 0.13 euros per share for 2012, to be decided at its annual meeting on April 26. ($1 = 0.7737 euros) (Reporting by Clare Kane; Editing by Helen Massy-Beresford)

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