MOSCOW, Aug 12 (PRIME) — Russian holding Interros has proposed canceling those shares of Russian metals giant Norilsk Nickel, which are to be bought during a proposed buy back, Andrei Bugrov, chairman of Norilsk Nickels board of directors, said Friday.
The board of directors plans to consider the buyback on August 15 at the request of an Interros representative on the board, Norilsk Nickel said earlier. Interros, owned by Russian tycoon Vladimir Potanin, holds 30% in the company.
Norilsk Nickel could lose around U.S. $1 billion if it decides to carry out another round of buying back shares and American Depositary Receipts (ADRs), Maxim Sokov, a member of the companys board of directors and director for corporate strategy at aluminum giant RUSAL, said Thursday. RUSAL holds 20% in Norilsk Nickel.
Earlier this year, Norilsk Nickel completed a buyback of around 2.38% of its outstanding common shares for U.S. $1.2 billion and around 6.85% for $3.293 billion.
The companys current charter capital is split into 190.628 million common shares with a face value of one ruble per share.
(29.4170 rubles – U.S. $1)