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Telefonica says does not expect buyback expansion this yr
July 25, 2012 / 11:13 AM / 5 years ago

Telefonica says does not expect buyback expansion this yr

PRAGUE, July 25 (Reuters) - Telefonica Czech Republic does not expect expanding its buyback programme beyond the planned 2 percent this year, the company’s chief executive said on Wednesday.

The unit of Spain’s Telefonica said earlier on Wednesday it had bought 0.54 percent of its own stock so far.

“We see at this stage that it will take slightly longer, so in November, December, we will be finalising the process (of the first buyback). At this stage I do not think that you could expect another 1 percentage point (buyback) this year,” said Chief Executive Luis Malvido. (Reporting by Jan Korselt, writing by Jan Lopatka)

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