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. Last Updated: 07/27/2016

Yukos Owners Buy Back Shares

Core shareholders of the country’s second biggest oil company, Yukos, have bought 19.7 percent of its shares from Standard Bank London Ltd. for an undisclosed sum, Yukos said.

Yukos’ core shareholders, who currently hold about 64 percent of the company, include management and affiliates.

Standard Bank bought Yukos shares in 1999 from foreign creditors of Bank Menatep.

"Subsequently, core shareholders will contribute 10 percent of Yukos stock to an equity-based retirement program," Yukos said in a statement late Thursday.

Yukos also said a wholly owned subsidiary of the company had completed the purchase of 4 percent of the company stock from core shareholders to complete consolidation of Yukos’ ownership in its subsidiaries and other corporate development purposes.

The purchase was made at $2.21 per share. Yukos was traded at $1.6 early Friday.

After all transactions are complete, core shareholders will own approximately 69 percent of Yukos shares.