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Czech Telefonica completes buyback of 2 percent of shares
November 28, 2012 / 7:00 PM / in 5 years

Czech Telefonica completes buyback of 2 percent of shares

PRAGUE, Nov 28 (Reuters) - Telefonica Czech Republic has completed a buyback of 2 percent of its shares, spending 2.48 billion crowns ($126.76 million), it said on Wednesday.

The telecom company, a unit of Spain’s Telefonica, said its board had not yet decided on continuing the buyback programme, which was approved in April and allows for the purchase of up to 10 percent of shares.

The company had tapped UniCredit’s London branch in May to carry out the purchase of 2 percent of shares, or 6.4 million.

Czech Telefonica has been facing slowing revenue and profits on a gradual decline of fixed-line business and prices for mobile services, but has low debt and strong cash flow.

It said in May it could repeat buyback or capital reductions in the years going forward because it made economic sense. ($1=19.5643 Czech crowns) (Reporting by Jason Hovet; Editing by Mike Nesbit)

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