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Kosyuk: MHP to direct USD 100 mln for bond and share buyback

Kosyuk: MHP to direct USD 100 mln for bond and share buyback

23 September 2011

MHP (LSE: MHPC LI, N/R), the largest poultry producer in Ukraine, plans to spend at least USD 100 mln to buy back bonds and shares, said Yury Kosyuk, the majority owner of the company, at an analyst day yesterday. Discussion of the share buyback is on the agenda for the company’s October 19 EGM. Yegor Samusenko: Should the EGM approve the buy back programs, we believe that no more than USD 50 mln could be used for the share buy back, which would roughly represent 3% of shares outstanding, while remaining the sum should be used to purchase its bonds. The company had USD 83.7 mln in cash and short-term bank deposits on its balance as of 1H11.

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