MTS says board of directors approves 15 bln rbl buyback program

MOSCOW, Mar 20 (PRIME) -- The board of directors of mobile operator MTS on Thursday approved an up to 15 billion ruble program to buy back common shares, including shares in the form of American Depositary Receipts (ADRs), the company said in a statement on Friday.

“Our robust operating figures, the stable outlook, a strong balance and a limited foreign currency risk let us assume that our shares are presently fundamentally undervalued by the market. We have a good opportunity to buy back the shares on behalf of our shareholders,” CEO Alexei Kornya said.

(80.1570 rubles – U.S. $1)

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