MOSCOW, Aug 6 (PRIME) -- The board of directors of oil major Rosneft on August 4 approved a U.S. $2 billion buyback program, which is to end on December 31, 2020, Rosneft said in a statement on Monday.
“The board of directors of Rosneft approved the parameters and the launch of a program to buy Rosneft shares from the open market in accordance with the strategic initiatives announced on April 2 … The program will run from the date of approval by the board of directors through December 31, 2020,” the company said.
The company will 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 plans to attract one of leading international banks as an agent bank for the program very soon.
The company also said that it will own the shares and GDRs during the program, but may cancel them fully or partially after 2020.
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