Air New Zealand (ASX:AIZ, NZE:AIR) said it would start a NZ$100 million buyback program from March 7, according to filings with the Australian and New Zealand bourses on Thursday.
The program will be for up to a maximum of 343.7 million of Air New Zealand's ordinary shares.
The on-market component of the program will see the airline acquire its shares through the Australian and New Zealand bourses at the prevailing market price during a 12-month period starting Thursday.
It will also include an off-market component under which the firm will acquire a corresponding number of shares held by the Crown, following any on-market acquisitions, to maintain the Crown's shareholding in Air New Zealand.
The shares it buys back will be canceled upon acquisition, so the number of shares on issue will reduce accordingly.
The firm's shares rose over 1% in early trading on both bourses on Thursday.
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