Scandic launches SEK 300 million share buyback program

Scandic Hotels Group AB has initiated a share buyback program valued at SEK 300 million, beginning December 9, 2024. This move, previously announced on October 29, 2024, is intended to optimize the company's capital structure and return capital to its shareholders.

The buybacks will be executed on Nasdaq Stockholm, adhering to European market abuse regulations. The program is set to run from December 9, 2024, until March 31, 2025, at the latest. The company stated that the total repurchase amount will not exceed SEK 300 million, and Scandic's holding of treasury shares will not surpass ten percent of all outstanding shares.

Scandic's board intends to propose to the 2025 Annual General Meeting that the repurchased shares be cancelled, effectively reducing the company's share capital. The buybacks will be conducted by an investment firm making independent trading decisions to comply with safe harbor regulations.

Currently, Scandic Hotels Group does not hold any of its own shares. The total number of shares in the company is 219,157,922. Scandic is the largest hotel company in the Nordic region, operating approximately 280 hotels.