By Dominic Chopping

Norwegian energy and aluminum company Norsk Hydro ASA said Friday it has decided to initiate a share buyback program that will see up to 100 million shares purchased for a maximum of 2 billion kroner ($192.2 million).

The company said NOK2 billion is equivalent to around 1.6% of the market value of its share capital at the current share price.

The buyback program will commence Sept. 26 and is set to be finalized within March 29, 2023, with the authorization being valid until Sept. 20, 2023.

The Norwegian state is Norsk Hydro's largest shareholder, with a 34.3% stake, and the company said it has entered an agreement that will ensure the state's ownership is unchanged after the buyback and subsequent share cancellations.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 23, 2022 02:36 ET (06:36 GMT)

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