Date: 2 months ago   Category: Energy

Transneft plans to begin share repurchase of stocks in 2019 — Rambler News Service


Transneft plans to begin implementation of the program of share repurchase of stocks (buyback) in 2019, the head of the company Nikolay Tokarev told journalists. "Such program is worked previously out for us, we take out it on the board of directors. It provides a three-year cycle. I think that from next year we will start its realization" — he told. The head of Transneft added that the board of directors of the company will consider the buyback program at the end of December of the current year. As earlier reported to RNS, Transneft plans to direct in the medium term to the program of redemption of own stocks (buyback) up to 20 billion rubles. Redemption of stocks has to take place in the open market. At the same time the company allows as use of the redeemed shares for the motivational program of management, and further realization of stocks under favorable market conditions. 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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