7 Aug 2018 19:11

Current share price of 430 rubles per share reflects company's undervaluation - Rosneft

MOSCOW. Aug 7 (Interfax) - The implementation rate of Rosneft's buyback program will depend on the difference between the fundamental target price determined by decision of the board of directors and the market share price, a Rosneft spokesman told reporters.

"The greater this differential, the more actively the agent-bank will operate in buying larger volumes of shares in the market, and the higher the chance the program is implemented in full," the company said.

"An example of the kind of differential at which the agent bank could actively operate in the market is the difference between the company's current share price and its share price in April of 2018. At the same time, Rosneft proceeds from the fact that the current price of 430 rubles per share still reflects the fundamental undervaluation of the company," it said.