The Board of Directors of Transneft recommended splitting the company’s shares by 100 times
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Board of Directors of Transneft (MOEX: TRNFP) recommended that shareholders approve the procedure for splitting the company’s ordinary and preferred shares by 100 times. After the split, the number of ordinary shares will be 569,446,800, preferred shares – 155,487,500, it follows from messages companies.
Split – An increase in the number of outstanding shares of a company by proportionately splitting each original share. Typically, the purpose of a stock split is to make the stock more affordable in order to attract more traders to trade.
Currently, the number of ordinary shares of Transneft is 5,694,468, preferred shares – 1,554,875, with a par value of each security of 1 ruble. After splitting, the par value of the share will be 0.01 rubles. Today, September 18, preferred shares of Transnfeti at Moscow Exchange increased by 1.83%, to 150 thousand rubles. a piece.
The idea of a share split was first proposed in 2017 by the head of the Russian Direct Investment Fund, Kirill Dmitriev, when he joined the board of directors of Transneft. In March 2023, Chairman of the Supervisory Board of the Moscow Exchange Sergei Shvetsov offered split all expensive shares into shares for private investors. He noted that for many retail investors such instruments are not available. As a solution, Mr. Shvetsov proposed issuing receipts for shares of such shares.
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