The Federal Property Management Agency approved the splitting of Transneft shares, after which their price will decrease by 100 times
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The Federal Property Management Agency, as the sole shareholder of Transneft, approved the split of the company’s shares with a ratio of 1 to 100, it follows from messages on the website of the Center for Corporate Information Disclosure. The number of ordinary shares of Transneft after the split will be 569,446,800, preferred shares (prefs) – 155,487,500. The par value of one ordinary and preferred share as a result of the split will be 0.01 rubles.
Now, until the completion of the splitting procedure, the par value of one Transneft share is 1 ruble. All ordinary shares belong to the state, represented by the Federal Property Management Agency; only preferred shares are traded on the market. The price of Transneft preferred shares on the stock exchange is the highest on the Russian stock market among liquid securities. According to the results of trading today, November 15, the price of Transneft preferred shares amounted to 146.2 thousand rubles.
September 18 Board of Directors of Transneft recommended shareholders to approve a 100-fold split of the company’s shares. As a result of the splitting of shares, their par value will be 0.01 rubles. Split, as Transneft stated, will allow more Russian citizens to invest in the company.
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