Royal Unibrew is gearing up to buy back some of its shares.

The Danish brewer, formerly known as Bryggerigruppen, said yesterday (5 June) that it has decided to buy back shares for up to DKK200m (US$34.5m) or within the 10% authorised limit. The company plans to buy up to 400,000 shares for treasury under a structured buyback programme.

Separately, the brewer added that it is targeting interest-bearing debt to increase in proportion to EBITDA to about three times by the end of next year.

Earlier this year, Royal Unibrew posted a rise in losses for its first quarter. Losses for the three-month period rose to DKK52.4m compared to a loss of DKK17.4m a year earlier. Sales for the period, however, increased slightly to DKK648m from DKK626.4m.