February 6, 2020 / 7:19 AM / 20 days ago

Russia's En+ to buy 21.4% of its shares from VTB

MOSCOW, Feb 6 (Reuters) - Russia’s En+ Group said on Thursday it will buy back 21.4% of its shares from state bank VTB for $1.6 billion.

The shares will be bought at $11.57 each “which represents a significant discount to En+ fundamental valuation”, the company said in a statement.

En+ plans to raise up to 110.6 billion roubles ($1.8 billion) from Sberbank for the deal, it said.

En+ said it may use the shares “for strategic activity” or to float all or part of them on the market “over the longer term”.

En+ also reaffirmed its intention to resume dividend payments this year.

$1 = 62.7200 roubles Reporting by Katya Golubkova; editing by Jason Neely

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