Irish multinational Total Produce has initiated a €20 million share buyback program, which will start on Oct. 9 and be administered by Davy Stockbrokers.

The move will reduce the share capital of the group, with the program equivalent to 16 million ordinary shares of a nominal value of €0.01.

Under the program terms, Davy will purchase ordinary shares at its own discretion, so long as the daily volume does not exceed 50% of the average trading volume for the five days prior.

In a release, Total Produce added it would continue to actively pursue further investment opportunities in both new and existing markets.

"The Group has, this year, acquired a 50% shareholding in the CAD$170m sales Gambles Group based in Toronto, Canada," the group said.

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