Afone S.A. (ENXTPA:AFO) commences share repurchases on July 31, 2017 under the program mandated by the shareholders in the Combined General Meeting held on June 15, 2017. As per the mandate, the company is authorized to repurchase up to 10% of its share capital. The shares will be repurchased at a maximum price of €30 per share for a total of €16.12 million. The program will be settled in cash. The program will be carried out with a view to reduce the capital of the company, to satisfy the obligations arising from debt securities which are exchangeable for ownership and satisfy obligations arising from share option programs or other share grants to employees or members of the administrative, management or supervisory bodies of the issuer or of an associated company. The program will continue for a period of 18 months.