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BRIEF-Russia's PIK says CEO raises stake to 74.6 pct after buyback
October 16, 2017 / 7:46 AM / 2 months ago

BRIEF-Russia's PIK says CEO raises stake to 74.6 pct after buyback

Oct 16 (Reuters) - Russian homebuilder PIK Group says:

* Sergei Gordeev, President and Chairman of the Management Board of PIK, has increased his stake in the company to 74.6 percent after a mandatory share buyback offer;

* 162,430,664 shares were tendered in the offer, representing 24.6 percent of the total;

* As of Oct. 13, the company’s minority shareholders held around 25.4 percent of shares, including VTB Bank’s 7.57 percent stake;

* The company intends to increase its free float through a secondary share offering in the medium term;

* Other priorities include regular dividend payments and reduction of finance costs. Further company coverage: (Reporting by Moscow Newsroom)

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