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Transneft board offers company’s stock split

Following the split the number of ordinary shares will rise to around 569.45 mln, while the number of preferred shares will roughly stand at 155.49 mln

MOSCOW, September 18. /TASS/. The board of directors of Transneft has recommended that shareholders decide on splitting the company’s shares by 100 times, the company said in a statement.

Transneft’s equity capital currently amounts to 7,249,343 rubles and it is divided into 5,694,468 ordinary shares and 1,554,875 preferred shares with nominal value of 1 ruble each.

Following the split the number of ordinary shares will rise to around 569.45 mln, while the number of preferred shares will roughly stand at 155.49 mln. The nominal value of each share following the split will be 0.01 rubles.

Transneft is a Russian transport monopoly, operator of Russia’s trunk pipelines. The state owns 78.55% of the company’s authorized capital, or 100% of voting shares.

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