Transneft BoD may consider a 100-fold share split in September
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The Board of Directors of Transneft PJSC supported the proposal of the administration and management of the company to split the shares, member of the Board of Directors Gennady Shmal told Interfax. The value of shares can be reduced by 100 times. The idea of a share split is to be considered on September 15. Against the backdrop of reports of a split, Transneft shares on the Moscow Exchange rose by 3.88% to 138 thousand rubles.
“Literally on August 29 at a meeting of the committee (of the board of directors.— “b”) we discussed this topic and decided to support the proposal of the administration and management of the company to split the shares,” said Mr. Schmal.
The authorized capital of Transneft is 7 million 249 thousand 343 rubles. and divided into 5 million 694 thousand 468 ordinary shares and 1 million 554 thousand 875 preferred shares with a nominal value of 1 rub. each. All ordinary shares are owned by the state, preferred shares are traded on the market.
“The stock is very expensive, who can buy such shares? One, two, three maybe. Therefore, we decided to propose to the Board of Directors of Transneft to take a decision on splitting, to reduce the cost by 100 times. If now conditionally 120 thousand rubles, then it will be 1.2 thousand rubles. This will make it possible to involve more widely ordinary citizens in actions,” said Gennady Shmal.
A member of the board of directors of Transneft noted that before the final decision on the split, it is necessary to obtain the consent of the main shareholder. 100% of the voting shares of Transneft belong to the state. “The Board of Directors is scheduled for September, until the 15th, but not a fact. This will depend on the situation and on how busy our chairman of the board of directors (Deputy Prime Minister Alexander Novak) will be.— “b”),” he added.
Kirill Dmitriev, head of the RDIF, was the first to propose the idea of a share split in 2017, when he joined the board of directors of Transneft. In March 2023, Sergey Shvetsov, Chairman of the Supervisory Board of the Moscow Exchange, proposed splitting all expensive shares into shares for private investors. He noted that for many retail investors such tools are not available. As a solution, Mr. Shvetsov suggested issuing receipts for the shares of such shares.
More details – in the material “Kommersant” “Shares have been prescribed a split”.
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