MOSCOW, Nov 18 (PRIME) -- The board of directors of Russian titanium giant VSMPO-Avisma has approved a 5 billion ruble share buyback, the company said in a statement on Wednesday.
The shares will be bought by the company’s subsidiary Avitrans via a brokerage account in Sberbank through December 31, 2021.
VSMPO-Avisma’s shareholder equity comprises 11.53 million ordinary shares, of which 25% plus one share is owned by a subsidiary of state industrial corporation Rostec.
Business Alliance Company, controlled by Deputy Chairman of the titanium giant’s Board of Directors Mikhail Shelkov, owns 65.27% in VSMPO-Avisma through LLC Promyshlennye Investitsii (Industrial Investments), Cyprus-registered Cador Enterprises Limited and Jivanta Ventures Limited.
Other shareholders control 9.73% in the company.
(76.2530 rubles – U.S. $1)
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