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Farmstandart OAO Announces Share Buyback Program

Thursday, 14 Feb 2013 07:00pm EST 

Farmstandart OAO (Pharmstandard) announced that its Board of Directors approved a buyback program in respect of ordinary shares of Pharmstandard (the Shares) and/or Global Depositary Receipts representing Shares (each GDR representing 4 Shares) (the Program) in the aggregate amount of up to RUB 8 billion. Duration of program is until December 31, 2013. The Program has been designed in full compliance with applicable legal requirements following a review of market practices for similar transactions. All purchases of Shares and/or GDRs will be made for the account of Pharmstandard-Leksredstva OJSC, an indirect wholly owned subsidiary of the Company (the Purchaser). Any Shares and GDRs acquired pursuant to the Program may be used for purposes of financing the Company's operations or for M&A transactions. Acquired Shares and GDRs will retain all rights. 

Company Quote

-22.6 -1.71%
8:45am EDT