Gram Car Carriers has completed its share buyback programme.
The Oslo-listed pure car/truck carrier provider said on Thursday that it had repurchased all 300,000 allowed under the plan announced in early May.
The shares were bought at an average price of NOK 169 ($15.92) and a total cost of NOK 50.7m, just under NOK 10m less than the NOK 60m limit.
Gram Car Carriers said the repurchases were made to give the company flexibility to use treasury shares as settlement as part of its incentive scheme and to reduce capital.
It also said the shares could be used in potential acquisitions.
The company’s last round of purchases came on Thursday, when it bought 3,676 shares at NOK 176.23.
It also made purchases on each of the last four trading days, totalling NOK 11.7m.
When the programme began, Gram Car Carrier shares were trading at NOK 169.
In late trading on Thursday, shares were up to NOK 175.80, although the improvement was not steady, with shares peaking at NOK 177 on 11 May and falling to NOK 160 on 25 May.
Fearnley Securities carried out the transactions on behalf of Gram Car Carriers.
In the first three months of 2023, the company reported a net profit of $13.1m backed by $41.1m in revenue.
It reported a revenue backlog of $874m, a record, having signed $61m of new contracts during the quarter.
The $0.22-per-share dividend represented 50% of first-quarter net income.
The company said it would raise that figure to 75% in future.
