The board of Russian national telecoms operator Rostelecom has authorised a share buyback worth up to US$500m.
The buyback will involve the company’s ordinary and preferred shares.
In a statement, Rostelecom said: “Rostelecom’s Management Board…
The board of Russian national telecoms operator Rostelecom has authorised a share buyback worth up to US$500m.
The buyback will involve the company’s ordinary and preferred shares.
In a statement, Rostelecom said: “Rostelecom’s Management Board was instructed to consider the possibility of purchasing the ordinary and preferred shares through one of Rostelecom’s subsidiaries, as well as to inform the Board of Directors on the progress and results of the buyback process.”
No further details were given.
Meanwhile, according to Reuters, the local newspaper Kommersant has reported that the Russian businessman Suleiman Kerimov is acquiring a stake of up to 6% in Rostelecom from a minority shareholder, Yevgeny Yurchenko.
Rostelecom was not immediately available for comment. Nafta Moskva, the investment group owned by Kerimov, declined to comment.