Moscow, 11 December 2019 – «Russian Aquaculture» Group of Companies (the «Company») (MOEX: AQUA), the leader in the Russian market of commercial aquaculture, announces the launch of a share buyback programme (the «Programme»).
The Programme stipulates that ordinary shares of PJCS «Russian Aquaculture» up to a maximum pecuniary amount of RUB 300 million shall be repurchased by LLC «Russian sea – aquaculture» – a part of «Russian Aquaculture» Group of companies. The Programme will be financed by internal sources. The Programme will run until 31 December 2020, or until the total value of shares repurchased under the Programme reach their stipulated maximum, whichever occurs first. Purchases may continue during both open periods and any closed periods to which the Company is subject during the abovementioned period.
Repurchase of ordinary shares under the Programme will be conducted in accordance with applicable laws and regulations.
Upon repurchase, the ordinary shares will be used by the Company for general corporate needs, including long-term incentive plans for personnel.
The Company will report on the progress of the share repurchase Programme on its corporate website as well as through a regulatory information service.
ABOUT RUSSIAN AQUACULTURE
Russian Aquaculture is one of the leaders in the production of Atlantic salmon and trout in Russia.
The Company’s core business areas are:
Commercial farming of Atlantic salmon and sea trout in the Barents Sea in the Murmansk region;
Commercial farming of trout and the production of red caviar in lakes of the Republic of Karelia.
Russian Aquaculture’s core strategic focus is on growing its aquaculture business. The Company currently owns cultivation rights for 34 sites for the farming of salmon and rainbow trout. The total potential production volume for these sites is around 50 ths tonnes of salmonids.
The Company’s long-term development strategy involves the creation of the largest vertically integrated player in the aquaculture market, including the production of feed and stocking material, primary processing, and distribution of the Company’s own products