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according to Russian Legal Information agency. The Nizhny Novgorod Commercial Court first ruled noted that the decision of GAZ to sell the shares was "rational and diligent", and was in line with the economic strategy for the company considering the circumstances. This decision was challenged by the minority shareholders, but upheld in several courts, the latest being Commercial Court of Volgo-Vyatsky district that maintained the ruling on September 14.
The influential head of Russian state oil major Rosneft , Igor Sechin, does not see market conditions as fit to kick off the $2bn share buyback of the company, Interfax and Reuters said on September 12 citing Sechin's comments. Uncertainty over the $2bn buyback programme – the company’s first ever -- could undermine Rosneft's investor makeover drive . Previously the company started to deliver on a promise to cut debt, and scale back capex in an effort to improve capitalisation. Reuters reminds that in August First VP of the company Pavel Fyodorov said that the buyback had a "degree of likelihood", commenting that it will depend on the difference between the "fundamental share price" and the market. Positive signal sent to investors and sanction-induced weakness of Russia's largest bank Sberbank already helped Rosneft to become Russia's most valuable company in terms of capitalisation in August , pushing capitalisation to RUB4.534 trillion ($71bn). Previously Sechin argued that the fair value of the company should be closer to or $130bn . It seems that apart from sanction risks, the company is still valued at a significant "governance discount" as two privately owned Novatek gas and Lukoil oil majors have already caught up with Rosneft's capitalisation without having the output and reserves of the state behemoth.
Russian pharmacy chain group 36.6 plans to make and open-subscription SPO worth 257% of current capital, the company operating pharmacies 36.6, A5, A.v.e, and Gorzdrav said on September 11. The value of the offering as of the day of the announcement on Moscow Exchange amounted to RUB30.6bn ($444mn). 36.6 is Russia's fifth largest pharmacy chain with RUB23.6bn turnover in January-June 2018. According to Vedomosti daily, 28% in the pharmacy is held by the Cyprus-based Paneario Holdings, linked to German lawyer Philipp Lennert, with another 15% held by Walgreens Boots Alliance, 3% by Rossium consortium of Credit Bank of Moscow's Roman Avdeev. The freefloat currently amounts to 6%. Unconfirmed reports claim that among the holders of another 48% of 36.6 are Alexei Abolyaev of Region Group and Pavel Shadrin of Dolgosrochnye Investicii. It is not clear for what the funds will be used for. One of the unnamed minorities of the chain suggested to Vedomosti t hat it could pay out its RUB37.9bn debt and possibly make an acquisition of a rival retailer. 36.6 has been consolidating its share of the market for the last couple of years. In June 2015, it took over pharmacy chain A.V.E. Group. In August 2016, 36.6 acquired the Russian division of major pharmaceutical distributor Walgreens Boots Alliance RUB2.4bn ($37mn). 36.6 and A5 announced their merger in January 2016.
Leading Russian retailer Magnit launched a share buyback programme worth RUB16.5bn ($241mn) on September 5. At the end of August Magnit said it will buy back 3.8% of its shares for up to RUB16.5bn over a 6-month period and use the shares for a management incentive program. BCS Global Markets analysts said that because the buyback is spread over a 6-month period it is unlikely to seriously support Magnit's share price.
Russian large diameter steel pipe major TMK approved a share buyback
79 RUSSIA Country Report October 2018 www.intellinews.com