Lenta Announces Global Depository Receipts Buyback Programme
Russian retail giant Lenta has announced a buyback programme for its Global Depository Receipts (GDRs).
The company believes its current market valuation understates the fundamental value of the business, and this provides an attractive opportunity for distributing cash to GDR-holders through a GDR buyback programme.
The company’s chief executive officer, Jan Dunning, said, “The decision to launch a buyback programme demonstrates our confidence in the Lenta business model and underscores the commitment of the Lenta Board and management to maximise GDR-holder value creation and to ensure efficient capital allocation and attractive returns on capital invested.”
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