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Thu 6 Jun 2013 09:02 AM

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Qatar Navigation gets OK for 5% share buyback

Milaha's board approved the firm to buy back 5 percent of outstanding shares in the company

Qatar Navigation gets OK for 5% share buyback
(Bloomberg Images)

Qatar Navigation (Milaha) said on Wednesday it had received regulatory approval for its share buyback plans, according to a bourse statement.

Milaha's board approved the firm to buy back 5 percent of outstanding shares in the company, using proceeds from its "significant investment portfolio".

The marine services firm has 114 million issued shares. The stock rose 4.1 percent to 78.4 riyals ($21.53) on Wednesday, its highest level since October 2011, ahead of the announcement.

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