Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it initiated a share repurchase program for up to 5 million shares to cover certain of its obligations arising from its long-term incentive and employee stock purchase plans. At the current share price, this program represents an amount of up to EUR 174 million. The program commences today and is expected to be completed before November 10, 2018. Philips will provide updates on the progress of the program. Further details are available via this link.
Philips will hold the repurchased shares in treasury until the shares are to be delivered. The program will be executed by an intermediary to allow for purchases in the open market during both open and closed periods, in accordance with the Market Abuse Regulation and within the limits of the authorization granted by the company’s General Meeting of Shareholders on May 3, 2018.