24 Aug 2006
Enschende, Netherlands - Tyre maker Amtel-Vredestein has denied reports in the Russian business media that it was planning to undertake a share buy-back.
''This is a complete fabrication,'' Amtel-Vredestein chief executive Alexei Gurin said.
''We have no current plans to purchase our shares and we have never announced any intention to do so.''
Russian business newspaper RBC Daily claimed the tyre manufacturer, which is based in Russia and the Netherlands, was going to put up a proposal at an extraordinary general meeting (EGM) on 5 Sep. to start buying up shares at $5.70 until 5 Dec, 2007.
A company statement did admit that its shareholders granted executives the authority to buy 10 percent of its shares at the annual general meeting in June but said this was a ''common practice.''
The statement said the EGM was called to simply amend the board's authority to purchase shares and appoint a new board member.
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