Brazilian real estate company Multiplan Empreendimentos Imobiliários SA's board approved a stock buyback program of up to 1.5 million common shares with no par value in an effort to maximize value for shareholders.

The program will not lower the company's capital stock and is subject to a 10% limit of Multiplan's total outstanding common shares.

The repurchase period will begin Aug. 9 and will end Aug. 23, according to a release.

Bradesco SA CTVM, Credit Suisse Brasil SA CTVM and Itaú CV SA are acting as intermediaries for the share buyback.