Provided by MZ Data Products
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2008

(Commission File No. 1-14862 )

 
 
BRASKEM S.A.
(Exact Name as Specified in its Charter)
 
N/A
(Translation of registrant's name into English)
 

Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___       Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.


BRASKEM ANNOUNCES NEW SHARE BUYBACK PROGRAM

Investment of R$ 252 million is in line with the Company’s principles to create value to all shareholders

São Paulo, Brazil, February 19, 2008 - Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK), the leading company in the thermoplastic resins industry in Latin America and third-largest Brazilian industrial company owned by the private sector, announces that the Board of Directors approved on the present date a new share buyback program. The beginning of this program is subject to the approval of the cancellation of shares currently held in treasury, in the amount of R$ 244 million, in the Extraordinary Shareholders’ Meeting to be held on March 6.

The program will be effective for 12 months, with investment of R$ 252 million at present value for its full implementation, and consists of the buyback of up to 19,862,411 preferred class A shares, which represent approximately 10% of class A outstanding shares.

According to José Carlos Grubisich, Braskem CEO, “this is one more action of Braskem aimed at creating value to the Company and its shareholders. We believe that the consolidation process of the petrochemical industry with the acquisition of Ipiranga, which brought new size and competitiveness to Braskem, and the excellent performance achieved by the Company, have not been reflected in the appreciation of our shares.”

Braskem, a world-class Brazilian petrochemical company, is the leader in the thermoplastic resins segment in Latin America, and is the third largest Brazilian industrial company owned by the private sector. The company operates 18 manufacturing plants located throughout Brazil, and has an annual production capacity of more than 10 million tons of petrochemical and chemical products.

 

For further information visit our website at www.braskem.com.br/ri or contact the IR team: 
 
Luciana Ferreira    Luiz Henrique Valverde    Silvio Nonaka 
IR Manager    IRO    IR Manager 
Phone: (+55 11) 3576 9178    Phone: (+55 11) 3576 9744    Phone: (+55 11) 3576 9471 
luciana.ferreira@braskem.com.br   luiz.valverde@braskem.com.br    silvio.nonaka@braskem.com.br 

1

 

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 19, 2008

  BRASKEM S.A.
 
 
  By:      /s/      Carlos José Fadigas de Souza Filho
 
    Name: Carlos José Fadigas de Souza Filho
    Title: Chief Financial Officer

 

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.