Miner Kazakhmys Eyes $250M Share Buyback
Kazakhmys is planning to repurchase $250 million of its shares.
Kazakhmys is planning to repurchase $250 million of its shares, Financial Times reports. The buyback plan, for shares listed on the London Stock Exchange, was launched as the present share price undervalues the company and its expansion prospect, adds What Investment. The scheme requires approval from the U.K. Takeover Panel. The move will increase the shareholdings of directors, such as Vladimir Kim, Oleg Novachuk and Eduard Ogay. Kazakhmys Petroleum, an oil exploration unit, was offloaded for $100 million after the company decided to focus expansion funds on core copper projects such as Bozshakol.
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