Date: 3 months ago   Category: Energy

Transneft considers the possibility of share repurchase of preference shares — Rambler News Service


Transneft considers the possibility of share repurchase of preference shares
Photo: Evgeny of Biyatov/RIA Novosti the Board of directors of Transneft considers the possibility of the program of share repurchase (buyback) of preference shares of the company and the option program for management, the head of the Russian Direct Investment Fund, the board member of Transneft Kirill Dmitriyev has told journalists. He has explained that these initiatives are considered within increase in capitalization of the company. "Yesterday the board of directors of Transneft has taken place. The board of directors has approved an assignment to management to provide the plan for increase in capitalization of the company. Within it we discussed and, respectively, the program of options for management. We discussed also the possible buyback program of actions which can be considered, and other measures for increase in capitalization and for increase in predictability of a dividend stream of the company" — Dmitriyev has told. He has explained that management of the company will submit the corresponding recommendations to the board of directors within three months. "Within three months management will prepare these recommendations to the board of directors, and they will be considered also by the Ministry of Energy as the profile ministry" — Dmitriyev has noted. Now the state owns 75% plus one stock of Transneft, or 100% of common stocks. Only preference shares of the company are in free circulation.

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