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Russia's Uralkali approves new buyback, may delist from LSE

Reuters - UK Focus

MOSCOW, Aug 25 (Reuters) - Uralkali has approved a $1.3-billion share buyback for up to 14 percent of its shares at $16 per global depositary receipt (GDR), the world's largest potash producer said on Tuesday.

Its GDRs rose 2.5 percent to about $15 after the statement.

The buyback is expected to be completed by end of the year and may lead to its delisting from the London Stock Exchange (Other OTC: LDNXF - news) (LSE), where its liquidity has been lower than in Moscow.

"During the last year the volume of deals with the company's ordinary shares on the Moscow stock exchange has been higher than the volume of deals with GDRs on the LSE," Uralkali said.

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Uralkali's technical delisting from the LSE would happen if less than 25 percent of the company's GDRs are freely floated, it has said previously.

The company has not disclosed the current share of GDRs in its free float. (Reporting by Polina Devitt; editing by Jason Neely)