Otello Corporation ASA (OB:OTEC) commences share repurchases on March 21, 2022, under the program mandated by the shareholders in the Extraordinary General Meeting held on January 27, 2022. As per the mandate, the company is authorized to repurchase its own shares. The shares will be repurchased at a minimum price of NOK 5 and at a maximum price of NOK 200 per share.

The repurchased shares may only be used to fulfill the obligations under incentive schemes, as part of consideration for acquisitions made by the company, as part of the consideration for mergers, demergers or acquisitions involving the company, to raise funds for specific investments, for the purpose of paying down loans or in order to strengthen the company's capital base. The authority is valid from the date of registration with the Norwegian Register of Business Enterprises to December 31, 2022. As of January 5, 2022, the company had 112,299,727 issued shares and 11,999,998 shares in treasury.