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. Last Updated: 07/27/2016

Browder Says Surgut Has 60%

LONDON -- Bill Browder, the CEO of Hermitage Capital Management, one of Russia's biggest foreign investors, said oil company Surgutneftegaz owned 60 percent of its own shares, rather than 72 percent being owned by management as a newspaper reported.

Browder added that his examination of company records implied shares in Surgut, which is worth $50 billion, were an attractive investment.

"Basically, I believe, and I think this research flushes out, that Surgutneftegaz is probably the cheapest stock in Russia at 3.7 times earnings," Browder said.

Vedomosti said last month that it had found several corporate structures linked to Surgut's management that appeared to own 71.92 percent of the firm, including 84.4 percent of the voting rights.

Since 2003, Surgut has declined to disclose its ownership structure.