MOSCOW, Jan 12 (PRIME) -- The board of directors of independent Russian oil company Lukoil decided to cancel the bulk of treasury shares and approved a buyback program for the rest of them, the company said on Friday, pushing shares to an all-time high.
“While considering the strategy, the board of directors supported management initiatives to cancel the major part of treasury shares kept on the books of the group and to use the remaining shares in a new long-term program to stimulate key employees of the company as well as to create an additional mechanism of funds distribution among the shareholders in the form of a share buyback,” President Vagit Alekperov was quoted as saying in a statement.
“I believe that the changes will promote further shareholder value of the company.”
The shares rose 5% to 3,870 rubles per share as of 1:32 p.m., Moscow time, while the broad MOEX Russia Index rose 0.1%.
(56.9957 rubles – U.S. $1)
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