Norwegian shipowner and manager Wilh Wilhelmsen Holding is launching a share buyback that could be worth NOK 280m ($30.77m).

The company said it had been authorised at its AGM in April to acquire up to 10% of the outstanding stock.

Now it has said it will offer shareholders a deal for them to sell 2m shares - 1.5m A shares and 0.5m B shares.

A book-building process starts on 24 September and ends on 26 September, with DNB Markets in charge. The price will be revealed at a later date.

The stock price was trading up 8.5% at NOK 140 on Tuesday following the announcement.