Uralkali to mull merger with unit, cancelation of treasury shares

MOSCOW, Oct 21 (PRIME) -- Russian fertilizer producer Uralkali has scheduled an extraordinary general meeting of shareholders for December 4 to discuss a merger of the company with subsidiary Uralkali-Technology and cancelation of a quasi-treasury stake owned by the subsidiary, as seen by PRIME on Monday in Uralkali’s materials.

“During the merger of the company with Uralkali, company’s own shares owned by the company will be canceled, the shares of the company owned by Uralkali will be canceled, and the shares of Uralkali owned by the company will be canceled,” the materials read.

The shareholders that disagree with the reorganization or the shareholders that won’t vote at the meeting will be able to submit their shares for a buyback. Uralkali will buy back the shares at 118.21 rubles per common share and 102.29 rubles per preferred share, the company said.

According to the materials of the company as of October 20, 2017, Uralkali’s core owners were fertilizer producer UralChem with a 20% stake, Rinsoco Trading Co. Limited with a 20% stake, while quasi-treasury shares accounted for 54.77% of the equity and 5.23% was free-float.

(63.9542 rubles – U.S. $1)

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