Russian Aquaculture Company to expand and extend $12 million share buyback program
In early July the Russian Aquaculture Group of Companies (the "Company") (MOEX: AQUA), the largest Russian company in the commercial fish farming (aquaculture) sector, announced an increase in the volume of the share repurchase program, reports Megafishnet.com.
According to RA, the updated Program involves the purchase of shares of PJSC "Russian Aquaculture" in the amount not exceeding 900 million rubles (ca. $12.2 million).
The purchase will be carried out by the Russian Sea - Aquaculture LLC (a company belonging to the Group).
The program will last until June 30, 2022 or until the above-mentioned maximum amount of funds allocated for the Program is reached, depending on which event occurs first. The Program is supposed to be financed from the company’s own funds.
The repurchase of shares under the Program will be carried out in accordance with the current legislation of the Russian Federation.
The repurchased shares will be used by the Russian Aquaculture Group of Companies for general corporate purposes.
PJSC "Russian Aquaculture" will report on the progress of the Program on its corporate website and through the regulatory Information Disclosure service.