Festi hf. (ICSE:FESTI) commences share repurchases on June 22, 2022, under the program mandated by the shareholders in the Annual General Meeting held on March 22, 2022. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The share repurchase price shall not exceed the highest price in the last independent trade or highest existing bid in the Nasdaq OMX Iceland trading venue, whichever is higher. The purpose of the share repurchases is to decrease the number of issued shares. The program will be valid till the next Annual General Meeting in 2023.

On June 21, 2022, the company announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 1.6% of its issued share capital for a total of ISK 1,150 million. The repurchases will commence on June 22, 2022, and the program will expire on August 15, 2022.