Nov. 1 (Bloomberg) -- OAO Rostelecom erased its worst drop in more than a week after the board of the country’s dominant fixed-line phone company approved a $500 million share buyback program and Kommersant reported Russian billionaire Suleiman Kerimov is seeking to buy a stake.
Rostelecom shares climbed 1.5 percent to 157.57 rubles by the close in Moscow. That compared with a 2.8 percent drop for the 30-stock Micex Index where the company was the only stock to gain. Rostelecom fell 1.3 percent yesterday, its sharpest retreat since Oct. 20.
Rostelecom plans to buy back ordinary and preferred shares worth as much as $500 million after gaining board approval, the Moscow-based company said in a regulatory filing late yesterday. The stake Kerimov’s companies are targeting is held by Yevgeny Yurchenko, a former head of OAO Svyazinvest, the Kommersant newspaper said.
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