One Communications Ltd has authorisation to buyback up to two million of its common shares this year.

The company’s board of directors authorised the repurchase programme, through the open market, which will run to the end of 2019.

One Communications currently has 41,899,475 shares issued, which trade at $3 on the Bermuda Stock Exchange.

Regarding the new authorisation, Frank Amaral, chief executive officer of One Communications, said: “While we have no current plan or goal as to timing or amount of purchases, we intend to utilise the buyback programme opportunistically, with a view to balancing other potential uses for our capital. The buyback programme provides us with an additional tool for enhancing shareholder value.”