LUKOIL intends to buy up to 25% of shares from non-residents – Kommersant
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The oil company LUKOIL has requested permission from the Russian authorities to buy out 25% of its authorized capital from non-residents, whose shares are currently blocked in C-type accounts. This was reported by Interfax, citing sources. The press service of LUKOIL declined to comment. Company shares on the background of the message jumped by 6%, updating the maximum since February 2022.
According to the agency, LUKOIL is ready to give foreign shareholders a significant discount to the current exchange price, pay for shares with funds from foreign accounts and not enter the Russian market. The discount must be at least 50%. At present, the company’s capital is 692 million 865 thousand 762 shares, 173 million shares can participate in the transaction. At the time of publication, the value of the securities is 6,654.5 rubles. per share.
In order to prevent the withdrawal of funds and assets from Russia by residents of unfriendly countries, the Bank of Russia introduced special type C accounts. With the help of the account, transactions are made to buy and sell foreign currency for rubles.
At the beginning of August “Magnet” completed an intermediate stage of buying back own shares from non-resident shareholders in the amount of RUB 37.4 billion, which is 16.6% of all company shares in circulation. The Company has set a limit on the repurchase of shares of non-residents at the level of 29.8%.
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