11 November 2013, Monday, 16:29

Luxembourg affiliate of Bashneft repurchased 2.6 million shares of the parent company

author: Elvira Latypova

Bashneft Investments SA, the subsidiary of JSOC Bashneft, registered in Luxembourg, has acquired 2,596,805 ordinary shares of the parent company in another Bashneft controlled company — Cyprus Bashneft Middle East Limited. The transaction occurred on November 8, Bashneft reports.

Thus, the Luxembourg-based Bashneft’s company consolidated 3.59 percent of treasury shares in the parent company.

It should be mentioned that the decision on Bashneft Investments SA participation in the authorised capital of Bashneft was adopted by the Board of Directors of the oil company on October 28. In accordance with this decision Bashneft Investments SA exercises the right to repurchase at the United Platform SA (Luxembourg) 832,082 ordinary shares and 4,730,528 preferential shares of Bashneft, which is about 2.45 percent of its authorised capital.