Novatek extends buyback scheme for another year
Novatek has approved an extension of its share buyback programme until June 7, 2022, the Russian LNG exporter reported on June 1.
The company first approved its buyback programme in 2012. It had an initial duration of one year, during which time Novatek bought back $600mn in shares. The programme has been repeatedly extended since then, even after the coronavirus-induced market crash last year, when many oil and gas companies suspended their buyback schemes to save cash.
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As of June 1, 31.83mn ordinary shares in Novatek has been bought back under the programme. The latest will be acquired by a wholly-owned subsidiary of the company, Cyprus-registered Novatek Equity, which will offer market rates on the Moscow and London stock exchanges.