rosneft appoints swiss ubs as agent to execute buyback program
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Rosneft appoints Swiss UBS as agent to execute buyback program

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Arab Today, arab today Rosneft appoints Swiss UBS as agent to execute buyback program

Rosneft appoints Swiss UBS.
Moscow - TASS

Rosneft has appointed the Swiss UBS as an independent agent to conduct an open market share buyback, Russia’s biggest oil producer said in a statement on Wednesday.

"The program approved by the board is aimed to deliver superior shareholder returns in case of substantial market volatility," the statement said.

The program will be executed in the period between Q3 2018 and Q4 2020, while the buyback amount will not exceed 128.6 bln rubles ($1.8 bln).

In August, Rosneft’s board of directors approved the terms of the company’s first ever open market share buyback program worth up to $2 bln running to December 31, 2020. The independent agent will execute envisioned transactions in the open market on behalf of Rosneft.

"Appointing one of the leading global financial institutions as an agent will ensure high transparency standards of the program and its strict compliance with the terms approved by the board of directors and applicable laws and regulations," Rosneft said.
Terms

The maximum amount of shares and depositary receipts to be repurchased under the program will not exceed 340 mln shares, while the precise amount to be bought back will depend on the share price performance and market conditions for the duration of the program. Shares of Rosneft and depositary receipts repurchased will be held in treasury of Rosneft Group. Upon the completion of the program, the company’s board will make relevant decisions with regards to the repurchased securities, including their potential full or partial cancellation.

It is suggested that the program will be financed through free cash flow and non-core assets sale.

 

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rosneft appoints swiss ubs as agent to execute buyback program rosneft appoints swiss ubs as agent to execute buyback program

 



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