Rosneft to provide 129 bln rbl guarantee to UBS for buyback
MOSCOW, Sep 5 (PRIME) -- Russian oil major Rosneft has hired UBS as an independent agent for its U.S. $2 billion buyback program and will provide it with 128.6 billion rubles of guarantees for the plan, the company said in a statement on Wednesday.
The board of directors of Rosneft earlier approved a buyback program, which is to end on December 31, 2020.
The company plans to buy back up to 340 million shares, including shares in the form of global depositary receipts (GDRs) depending on the market price and conditions.
The company also said that it will own the shares and GDRs during the program, but may cancel them fully or partially after 2020.
(68.2737 rubles – U.S. $1)