06:05 AM EST, 01/07/2025 (MT Newswires) -- STEP Energy Services ( SNVVF ) late on Monday said it has received TSX approval to proceed with a normal course issuer bid for its common shares.

Under the NCIB, STEP may repurchase up to 3.6 million common shares, representing 5% of the outstanding shares as of Dec. 26.

The NCIB is scheduled to commence on Jan. 9 and end on Jan. 8, 2026, or when the maximum number of shares have been purchased.

From Dec. 19, 2023, to Dec. 18, 2024, STEP purchased and canceled around 1.9 million common shares at a volume weighted average price of $4.16 per common share under its previous NCIB, which allowed STEP to purchase up to 3.6 million common shares.

Any purchases made under the NCIB will be made at prevailing market prices at the time of sale and the shares will be canceled.