Australia-listed Crown Resorts Ltd has announced to buy-back 42.9 million of its ordinary shares worth US$378.8 million.

The casino operator said in a regulatory filing on Monday that the share buy-back will take place “on or after March 20” after securing the required regulatory approvals for the program. UBS Securities Australia Ltd will act as broker on the company’s behalf.

According to Crown Resorts, the buy-back program of the 5.89 percent of its issued capital is expected to last for 12 months.

On February 23, Crown Resorts announced the share buy-back amid a plunge in revenues linked to the arrests of 18 employees by Chinese authorities.