The Fresh Del Monte Produce (NYSE: FDP) leadership may not be optimistic about the European banana market, but the board certainly appears bullish on the multinational's growth prospects.

Yesterday, the company announced the launch of a share repurchase program of up to US$300 million that would last for a three-year period until July 29, 2018.

"The share repurchase program announced today is in addition to the Company's existing three-year repurchasing program of $300 million, which is set to expire on May 1, 2016," the company said.

The decision was made at a board meeting yesterday, after announcing a relatively stable financial result in the second quarter despite currency difficulties and fruit supply shortages from some key regions.

In mid-July, the company announced it would be spending US$250 million dollars to establish pineapple and banana plantations on the Philippine island of Palawan.

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