authorities supported the splitting of Transneft shares – Kommersant
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The head of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, said that the state supported the split of Transneft shares (MOEX: TRNFP). Other initiatives to make the company more attractive are being discussed with the government, he told reporters.
“Board of Directors (Transneft.— “Ъ”) and the state supported the split of shares – this is a very important step so that more Russian citizens can invest in Transneft, a company that is extremely reliable, extremely promising, which ensures the supply and transportation of our oil,” said Mr. Dmitriev (quoted from “Interfax”).
A split is an increase in the number of shares of a company’s shares outstanding by splitting each original share proportionately.
September 18 Board of Directors of Transneft recommended shareholders to approve a 100-fold split of the company’s shares. After it, the number of ordinary shares will be 569,446,800, preferred shares – 155,487,500.
As a result of the splitting of shares, their par value will be 0.01 rubles. Today on the Moscow Exchange (MOEX: MOEX) they are trading at a price of about 146 thousand rubles. Split, as Transneft stated, will allow more Russian citizens to invest in the company.
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