Karamolengos Bakery Industry S.A. (ATSE:KMOL) commences share repurchases on September 1, 2016 under the program mandated by the shareholders in the Annual General Meeting held on June 22, 2016. As per the mandate, the company is authorized to repurchase up to 974,290 shares, representing 10% of the paid-up equity capital. The minimum price which the company will pay is €0.5 per share and the maximum price which the company will pay is €7 per share. The company at its discretion is not obligated to implement the program, or buy less number of shares from the maximum limit that the Annual General Meeting has approved, in accordance with the existing current legislation. The implementation of the program will depend on various factors such as, indicatively and not restrictively, the existence of other investment opportunities and availability of capitals. Repurchases will be in compliance to article 16 of the Codified Law 2190/1920, as valid and the company intends to comply with article 5 of the 2273/2003 Regulation of the European Communities regarding the price and the purchase volume, as referred to in article 6(1) of the same regulation. The share repurchase program is valid for 24 months, until June 22, 2018. On July 12, 2016, the Board of Directors decided to commence the repurchase program.