Central and eastern European developer Plaza Centers is to embark on a six-month share buy-back programme.

The AIM-listed company said today it would start the programme on Thursday.

It plans to buy up 19.3m shares, equal to 6.61% of the 292.4m shares in issue. Approval for the programme was obtained at the company’s annual general meeting in May.

Plaza was also informed by its majority shareholder, Elbit Imaging, which currently owns 68.4% of the company, that it intends to purchase issued share capital of Plaza through a series of on-market purchases of Plaza’s shares.

Shares in Plaza, which has a market capitalisation of £147.6m, rose 1% to 50.5p this morning.