Russian meat processor Cherkizovo Group plans to buy back 2% of its common shares and global depository receipts (GDR) via the group’s affiliates, the group said in a press release Wednesday.
Cherkizovo Group said it had decided to buy back its shares and GDRs, as the group believed that the current market price of Cherkizovo Group’s shares did not fully comply with “the company’s fundamental value,” taking into account the group’s financial results.
Cherkizovo Group added it would buy the group’s shares at their market value, as of the date of the purchase.
The group’s current charter capital amounts to 430,693 rubles and is split into 43,069,355 shares with a face value of 0.01 rubles each.
The price of one Cherkizovo Group share closed at 675.3 rubles on the Moscow Interbank Currency Exchange (MICEX) Wednesday. The group’s GDRs were at U.S. $14.65 as of 7.15 p.m. Moscow time on the London Stock Exchange.
Cherkizovo Group employees have held a volunteer event supported by the Ray Foundation for Helping Homeless Animals. They brought food, medicines and other useful supplies to two Moscow shelters and helped with dog walking.
Cherkizovo Group’s chicken and turkey products have once again been awarded the annual Product of the Year title, with flagship brands Petelinka and Pava-Pava winning two categories of the award.
Cherkizovo Group, Russia's largest meat producer, is taking part in Our Brand, an international food festival in Ufa. The Company showcased its products during a tasting session at its stand.
Cherkizovo Group, Russia's largest meat producer, continues to expand its turkey product line under Pava-Pava, one of its flagship brands. This fall, the Company has launched sales of spiced turkey filet, a perfect choice for holiday dinners.