Oil company LUKOIL plans to buy up to a quarter of its shares from non-residents at a substantial discount to the current price. This was reported by the agency’s source. interfaxfamiliar with the situation.
Against this background, LUKOIL’s securities rose 5.46% to 6,608 rubles as of 16:09 Moscow time. By 16:30, the growth of securities is fixed at 6555.5 rubles. This is evidenced by the data of Trading View trading platforms. Moscow Stock Exchange Index also reacted to the news with an increase of 0.83% at 3168.5 points.
The Company assumes that the discount to the market price in the repurchase of securities will be at least 50%. For settlements, the company intends to use the currency in its foreign accounts without resorting to the domestic foreign exchange market.
LUKOIL shares are traditionally in demand among foreign investment funds. However, after the introduction of restrictive measures, they are actually blocked in “C” type accounts of nominal holders.
A similar deal to buy back shares from non-residents in early August carried out chain of stores “Magnit”, popular with foreign investors.
former name Putin requested return business assets to Russia.