Tel Aviv, October 24, 2017. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that on October 24, 2017, the Company’s Board of Directors approved a share buy–back plan at the amount of up to NIS 100 million for a period ending on December 31, 2017.
The Board of Directors of Delek Group believes, at this time, that the purchasing of its own shares represents a good economic and business opportunity.
The Board has determined that the above buy-back plan is in accordance with section 302 of the Israeli company law – 1999, with regard to distributable profit which amounts to NIS 1,842 million. In addition, the Board determined that the buy-back will not impact the Company's ability to stand behind its current financial obligations.
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on October 24, 2017.
About The Delek Group
Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With eight consecutive finds in the Levant Basin, Delek is leading the region's development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel's largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.