28 Sep 2011 17:36

Cherkizovo to buy back shares and GDRs worth 2% of capital

MOSCOW. Sept 28 (Interfax) - OJSC Cherkizovo Group is planning to buy back its own shares and depository receipts from the market equal to 2% of the company's capital.

The buyback plans reflects the company's position that current market value of its shares does not entirely come in line with the enterprise's actual value when factoring in its operational results, the group said in a statement.

The share purchase will be made at the market price and in accordance with generally accepted market practice.