MPC Container Ships' board of directors has been authorised to buy back up to 10% of the company's shares for just under $10m.
The board may repurchase a maximum of 8,425,300 shares worth up to NOK 84,253,000 ($9.8m) on the Oslo Stock Exchange, where MPC is listed.
MPC will pay not less than NOK 10 and no more than NOK 200 for each share, according to details released today.
The scheme will be active until MPC's annual general meeting in 2019, which will be held by 30 June at the latest, a filing said Thursday.
The buyback scheme was authorised unanimously at an extraordinary general meeting of investors held in Oslo on 17 January. The plan was first mooted on 21 December.
MPC's shares were trading at a price of NOK 32.4 at 4:00pm in Oslo on Thursday.
