By IANS/RIA Novosti,
Moscow : Russia’s largest state-controlled oil company Rosneft will purchase 68.3 billion rubles ($2 billion) worth of shares from its minority shareholders.
The buy-back involves Rosneft’s minority shareholders opposed to planned changes in an oil supply contract with China.
“A total of 322 million shares worth 68.3 billion rubles were submitted for the buy-back, which represents just a little more than half of the total volume of shares permitted for buy-back under the federal law on joint stock companies,” Rosneft said.
The buy-back price was set at 212 rubles per share. The price was set by the company’s board of directors, based on an independent report.
Payment for the shares will be made in full by June 20, in line with the time-frame established by Russian legislation. The buy-back will be financed from the company’s own free cash.