for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Energy

Russia's Novatek approves share buyback

MOSCOW, Feb 11 (Reuters) - Russia's No. 2 gas firm, Novatek NVTK.MM, said on Monday its board has approved the purchase of up to, but not more than, 3 percent of its ordinary outstanding shares as part of a share buyback programme.

The firm said the shares would be bought in the form of global depositary receipts (GDRs).

Novatek said it planned to use the long-term buyback programme for possible future financing activities and for the implementation of a compensation and incentive programme. (Reporting by Tanya Mosolova; Editing by Dmitry Zhdannikov)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up