Algoma Central has received the go-ahead for a plan to pump up the price of its shares.
The Canadian bulker and tanker owner announced Friday that the Toronto Stock Exchange has given its normal course of issuer bid the green light, carrying over a policy from last January.
The plan allows Algoma to purchase up to 1.9 million of its own shares — 5% of its 38.4 million outstanding shares — over the next year in order to cancel them.
In the company's last normal course of issuer bid, Algoma bought back and canceled 137,600 shares at a weighted average purchase price of $13.88 per share.
In midday trading, Algoma shares were down CND 0.04 ($0.03) to CND 13.11.
