DNO International has announced on Monday the resumption of its share buyback program, originally announced on 10 August 2011.
Between 18 August and 7 October, the Company acquired a total of 25,500,000 shares, which are currently held in treasury, pursuant to a shareholder approval to acquire up to 80,000,000 shares.
"We believe that in current market conditions, the DNO share price remains attractive. Acquisition of the balance of the authorized buy back volumes will afford the Company flexibility to utilize these shares in future transactions", says Bijan Mossavar-Rahmani, the DNO Chairman.
Shares in DNO were up 6.8% on Monday morning.