The board of telecoms group One Communications Ltd has authorised the repurchase of up to two million of its own shares.

The Bermuda Stock Exchange-listed company said the move would continue its current buyback programme until December 31, 2018.

The company can start repurchases on the open market from today.

Frank Amaral, chief executive officer of One, said: “While we have no current plan or goal as to timing or amount of purchases, we intend to utilise the buyback programme opportunistically, with a view to balancing other potential uses for our capital.

“The buyback programme provides us with an additional tool for enhancing shareholder value.”

One’s shares closed last Friday at $3. US company ATN International owns a 51 per cent stake in the company.