Lukoil plans to redeem quasi-treasury shares, will not account for them in dividend recommendations

MOSCOW. Aug 29 (Interfax) - The board of directors of Lukoil has recognized the advisability of taking steps to redeem the company's quasi-treasury shares, though not exceeding 76 million shares, the Russian oil company said.

Meantime, Lukoil will not account for the expenses of the group's organizations to acquire shares in the first half of the year when determining the recommended amount of dividends, thus the shares will not be included when calculating adjusted free cash flow, the company said.

Lukoil's shares swung up on the Moscow Exchange immediately following on the news to their mid-August levels: they were up 2.3% at 6,473 rubles by 1:10 p.m. in turnover of more than 5.122 billion rubles.