On Tuesday the diversified Norwegian owner announced plans to acquire $5m worth of its Oslo-quoted stock but pledged not to spend more than NOK 60.00 ($8.45) a piece.
“The board of directors is of the opinion that the repurchase of shares is in the best interest of the company and its shareholders,” it added in a filing with the Oslo bourse.
Siem pointed out that a document outlining the terms of the offer will be published next week and said the proposal won’t be made to shareholders who are prohibited from selling their shares under what it described as “transfer restrictions”.
Industry
