Nasdaq-listed Golar LNG Limited has approved a unit purchase program under which the company may purchase up to USD 25 million worth of Golar LNG Partners L.P. outstanding units over the next 12 months.
The authorization is effective immediately. Golar LNG says that the purchase is seen as an attractive investment opportunity, given Golar LNG Partners’ current yield of approximately 11%,
Golar LNG intends to purchase units from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws.
The timing and the amount of any purchases will be determined by the company’s management based on its evaluation of market conditions, capital allocation alternatives, and other factors.
The unit purchase program does not require Golar LNG to acquire any specific number of units and may be modified, suspended, extended or terminated by the company at any time without prior notice.
Golar LNG currently holds a 30.02% stake in Golar LNG Partners.