(Alliance News) - Giglio.com Spa announced Tuesday that its board of directors has resolved to grant the necessary powers for the buyback program, in execution of the authorization of the shareholders' meeting at the end of July.

The purpose of the program will be the purchase, including in several tranches, of up to 2.5 million ordinary shares of the company, equivalent to 20 percent of its share capital. The maximum countervalue is set at EUR3.0 million.

Equita SIM Spa will be in charge of the buybacks-which may last for a maximum of 18 months.

Giglio.com's stock is trading at EUR2.42 per share.

By Maurizio Carta, Alliance News reporter

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