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Genel Energy resumes US$10mln share buyback programme

The resumption came as the oiler said its current share price “significantly” undervalued its assets

Genel Energy PLC - Genel Energy resumes US$10mln share buyback programme
Genel is looking to purchase around 27.9mln of its own shares

Genel Energy PLC (LON:GENL) has resumed a US$10mln share buyback as part of an effort to boost its share price value.

The oiler said that it believed its current share price “significantly” undervalued its assets and that the buyback represented a “value accretive use” of cash resources.

READ: Cash rolls in as production rises at Genel Energy

The group has already purchased shares worth just under US$3mln, while the total number of shares to be purchased is planned to be around 27.9mln.

Quick facts: Genel Energy PLC

Price: 193 GBX

LSE:GENL
Market: LSE
Market Cap: £535.9 m
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