07:44 AM EDT, 06/05/2024 (MT Newswires) -- Melcor Developments ( MODVF ) , on Wednesday said the Toronto Stock Exchange gave a green light to the company's plan to buy back up to 1.5 million common shares.

The Alberta-based real estate development and asset management company said the normal course issuer bid for up to 5% of the outstanding shares will run for one year beginning on June 7.

Under its previous normal course issuer bid, Melcor bought back 865,688 common shares at a weighted average price of $11.40 per share. The shares closed at $11.81 on Tuesday.