During the week from September 28 to October 5, Rosneft (MCX: ROSN) repurchased 5.022 million of its shares under the buyback program, which is the sixth largest result in a week since the start of the program in March this year.
In total, as follows from the materials of Rosneft, the total package of acquired shares (shares, including in the form of depositary receipts acquired on the Moscow Exchange / London Stock Exchange) reached 62.916 million shares, which is 0.5937% of the authorized capital of NK and 18.5% of the buyback program volume.
In total, over the past week, $ 24.5 million was allocated for these purposes, the weighted average purchase price of one share was $ 4.87.
The Rosneft buyback program was approved in August 2018. In accordance with it, ordinary shares of the company can be purchased for a maximum of $ 2 billion. The program will be implemented from the date of approval by the board of directors to December 31, 2020 inclusive. The maximum volume of shares and global depositary receipts that can be purchased under the program will be no more than 340 million shares, or 3.2% of the authorized capital. The program aims to provide high returns for shareholders in the event of significant market volatility.
Rosneft launched the program on March 23, 2020. Earlier, the board of directors of Rosneft, amid volatility in the oil markets, decided to simplify the buyback procedure under the program, as well as to remove a number of restrictions in order to bring the program in line with market conditions, while its terms and volumes remained unchanged.
The fate of the repurchased shares, including their possible full or partial redemption, will be considered upon completion of the program by the company's board of directors.