Alfa Solar Enerji Announces Share Buyback Plan
Turkish renewable energy company Alfa Solar Enerji has announced a share buyback program aimed at stabilizing its stock price and enhancing shareholder value. The company plans to repurchase up to 1 million shares, representing approximately 2.5% of its total outstanding shares, over the next six months.
The decision, approved by the board of directors, comes in response to recent market volatility and the company's confidence in its long-term growth prospects. "This share buyback program reflects our strong belief in Alfa Solar Enerji's future performance and our commitment to delivering value to our shareholders," said CEO Mehmet Akif.
Alfa Solar Enerji, which specializes in solar panel production and solar energy solutions, has seen its share price fluctuate significantly in recent months due to broader market conditions and sector-specific challenges. The company aims to use its strong cash position to fund the buyback without impacting its planned investments in new technologies and capacity expansions.
The share repurchase will be conducted on the Borsa Istanbul under prevailing market conditions. The company has appointed XYZ Brokerage as the intermediary for the transactions.
Investors have reacted positively to the announcement, with Alfa Solar Enerji shares rising by 3% in early trading. Analysts suggest that the buyback program could help mitigate the impact of market fluctuations and provide a buffer against potential future volatility.
The company has also reiterated its commitment to its strategic goals, including expanding its market share in Turkey and exploring opportunities in international markets. Alfa Solar Enerji's recent investments in research and development and its focus on sustainable energy solutions position it well for future growth.
The share buyback program is set to commence on July 10 and will be reviewed periodically based on market conditions and the company's financial performance.
Source: Rota Borsa
