Etalon Group buybacking of over 9% of its shares

Etalon Group buybacking of over 9% of its shares Etalon Group (Saint-Petersburg), a Russian housing developer, began the buyback of global depositary receipts equivalent to as much as 9.25 percent of the company’s ordinary shares in November. According to the company’s web-site, “The Programme commenced on 24 November 2011 and will continue until 23 November 2012, unless terminated earlier by the Company”.

The buyback’s total cost is about USD 130M.

According to Etalon CFO Anton Evdokimov, the bayback will be in the interest of all shareholders.