08.03.2011

Cargotec to buy back shares

Cargotec owner of Hiab and Kalmar, has received approval from its shareholders to purchase the company's own shares and will start the process on or after March 23rd.

The company will buy up to 10 percent of the outstanding shares corresponds to a maximum of 6,400,000 shares – up to 952,000 class A shares and 5,448,000 class B shares. The company already has 2,959,487 class B shares in its possession.

Class B shares will be purchased on the open market in Helsinki, while Class A shares will be purchased privately at the price equivalent to the average price of class B shares paid on the purchase date.

Cargotec is the second Finnish public company in our sector to start buying back its own shares. Rental company Rami rent is currently in the middle of its share buy-back programme.