REC CEO up stake in company
REC Silicon/courtesy photo REC Silicon announced layoffs of about 100 employees this week due to a trade dispute between the U.S. and China.
MOSES LAKE — Tore Torvund, president and chief executive officer of Norway-based REC Silicon recently purchased 300,000 shares in the troubled company, according to a company statement.
In a filing with Norwegian securities regulators, Torvund bought the shares for around 70 Norwegian øre per share, or 8.6 U.S. cents, for a total cost of 210,450 Norwegian kroner, or $25,854.
There are 100 øre in a Norwegian krone.
According to the REC release, Torvund now owns 1,631,486 shares of REC, about six-tenths of 1 percent of the companies 2.5 billion outstanding shares, according to information published on the website of the Oslo Børs, Norway’s stock exchange.
REC shares closed about 5 percent lower on Tuesday, opening trading at 77 øre per share, or 9.5 U.S. cents, and closing at 77 øre per share, or 8.8 U.S. cents.
This puts the value of Torvund’s total stake in the company at around $144,000.
Charles H. Featherstone can be reached via email at countygvt@columbiabasinherald.com