Bloomberg News

Etalon Headed for Biggest Gain in Week on GDR Buyback Proposal

October 28, 2011

Oct. 28 (Bloomberg) -- Etalon Group, a Russian housing developer, headed for its biggest gain in more than a week after its board of directors approved a proposed buyback of global depositary receipts equivalent to as much as 9.25 percent of the company’s ordinary shares.

The depositary receipts advanced 4.2 percent to $5 as of 9:20 a.m. in London trading. A close at that level would mark their stongest gain since Oct. 20.

To contact the editor responsible for this story: Alex Nicholson at anicholson6@bloomberg.net


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