Gazprom Group has signed a number of agreements with Vnesheconombank to purchase a block of ordinary shares and ADRs representing Gazprom’s ordinary shares that amounts to 3.59% of the company’s equity capital.
“Gazprom’s shares are strongly undervalued by the market and have considerable growth potential. This is why we seized the opportunity to buy out a large block of our shares”, said Alexey Miller, Chairman of the Gazprom Management Committee.
The transaction amount was not disclosed. According to analysts, the shares may be worth 130 billion rubles. (Energyland/Business World Magazine)