take action over concerns that its share price may be undervalued on a rising Bermuda Stock Exchange.

The company announced that it will begin repurchasing some of its stock as an investment in the market. But the company is remaining mum on the details of how much stock it intends to purchase and when the programme will begin.

"The quantity of stock to be purchased will depend on the prevailing economic climate and alternative investment opportunities,'' the company's board of directors announced in a statement to the stock exchange.

Spokeswoman Karla Lacey-Minors said the shares would not be cancelled after being purchased. The company would hold them as an investment, as it held some other stocks.

"The board feels that BTC stock is an excellent investment,'' she said. "The company with its equity doesn't have a lot of expansion opportunity. It's a way of investing the equity.'' BTC stock traded yesterday at $30, well below it 52 week high of $38. The stock is trading at 13 percent below its book value.

The Bank of Bermuda, which is also concerned about the low value of its shares compared to book value, last week announced it was considering making a secondary listing on an overseas stock market as a means of generating more investor interest.

Other companies that have had share buyback programmes include Bermuda Aviation Services Ltd. (BAS) and Bermuda Home Ltd. BAS last year began a programme to repurchase up to nine percent of the issued stock in an attempt to boost the share price in comparison to book value. The shares are being bought for cancellation.

In 1995 Bermuda Home Ltd. began buying back shares from holders of odd lots of less than 100 shares. The shareholders were given the option of selling their lots or buying additional shares without incurring the cost of brokerage fees.

The move was made because Bermuda Home felt it was expensive to administer to many small shareholders.

The BSX has proposed changing its rules to include limiting buybacks to a maximum of ten percent of issued shares.