EuroChem increases treasury stake to 10.2%
MOSCOW. Oct 10 (Interfax) - EuroChem Group SE, which is owned by Andrei Melnichenko and EuroChem Mineral and Chemical Company chief executive Dmitry Strezhnev, has reduced its stake in the Russian fertilizer company to 89.8% from 90.86%.
EuroChem said a 1.06% stake previously owned by EuroChem Group has been transferred to the fertilizer company's subsidiary EuroChem Capital Management Ltd, increasing the company's treasury stake to 10.2% from 9.14%.
It was reported earlier that in the first nine months of 2011 EuroChem bought out 9.04% of common shares from its parent EuroChem Group SE for 29.7 billion rubles. Based on this valuation, the 1.06% of shares would have cost about 3.5 billion rubles.
EuroChem told Interfax that the treasury shares will be cancelled in future.
Melnichenko owns 92.2% of EuroChem Group SE and Strezhnev owns 7.8%.