Uralkali will buy back as much as $2.5 billion of its stock after its share price plunged in September from a three-year high, Uralkali said Friday in a statement after a board meeting.
The program will run for one year until Oct. 6, 2012, and will be carried out by the fertilizer maker's Enterpro Service unit. It will cover shares and global depositary receipts.
Uralkali agreed to borrow as much as 66 billion rubles ($2 billion) from Sberbank, which will be exchanged into dollars and provided to Enterpro to purchase stock.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
