The first phase of the scheme started on 20 March 2024. However, on July 19, 2024, the telecoms giant decided to accelerate the pace of repurchases, increasing the number of shares to be bought back within the year.
The accelerated buyback commenced on 22 July 2024 and is set to continue until 31 December 31, 2024, with a total purchase limit of €600 million for all purchases during the year.
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The transactions carried out on 12 August 2024, totalled €5,543,577. Following these transactions, the company now holds 150,790,290 treasury shares.
The news comes as Nokia also recently announced its partnership with SK Telecom, Korea’s largest mobile carrier to launch AI-based fibre sensing technology this year.
Yesterday [12 August 2024], SK Telecom announced plans to use the telecom giant’s product to monitor earthquakes, climate changes and other unexpected events from nearby construction sites to maintain stable network conditions.
As a result, the companies aim to achieve the first domestic commercialisation of fibre sensing this year by collecting proof-of-concept data via machine learning using SK Telecom's existing wired network infrastructure.
In a statement, the companies said: “We are delighted to announce that SKT has signed a memorandum of understanding with Nokia to demonstrate and commercialize ‘Fibre Sensing.’
“Fibre Sensing is an AI technology that effectively detects and evaluates various environmental factors, such as earthquakes or climate change, that could potentially damage fiber optic cables in wired networks. This technology will be commercialized for the first time in Korea this year to accumulate demonstration data on SKT’s commercial network through machine learning technology.”
They added: “The technology offers a plethora of advantages as it can be deployed in existing wireline equipment without any distance limitations. We anticipate securing world-leading AI technology capabilities that will strengthen network stability.”
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