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MOSCOW, May 18. /TASS/. Uralkali will hold buyback of shares limited by 4% of its charter capital, the Russian potash producer said on Wednesday.
Company’s Board of Directors approved the buyback program for shares and global depositary receipts (GDRs) certifying rights to company shares on the open market.
"Shares and GDRs to be purchased within the buyback program framework will not be above 4% of company’s charter capital. The buyback program will last from May 19 to September 19, 2016 unless extended or terminated earlier by the company," Uralkali said.
Shares may be acquired at the Moscow Exchange and on the OTC market. GDRs will be bought within the framework of private transactions and option agreements. Uralkali intends to ultimately retire securities purchased within the buyback program.