Ferrexpo carries out share buyback from Fevamotinico

According to a Ferrexpo (FXPO LN: BUY) announcement yesterday, it purchased 19,398,814 of its ordinary shares at 167.3 pence per share from majority shareholder Fevamotinico S.a.r.l., which is related to Konstantin Zhevago. The purchase was funded by distributable reserves and the purchased shares will be held as treasury shares. According to Ferrexpo, the transaction will serve to prevent an increase in Fevamotinico’s beneficial ownership level in the company as a result of on-market share repurchases, and thereby serving the interests of minority shareholders. The related-party transaction was part of Ferrexpo’s ongoing share buyback program.