Transneft conducted operations to split shares. One share has been converted into 100 shares of the same category. Kirill Dmitriev, CEO of RDIF, member of the Board of Directors of Transneft, explained the importance of this step, the RDIF said in a statement.
"In the case of the splitting of Transneft shares, the state demonstrates a sequence of steps to increase the investment attractiveness of the company and attention to the proposals coming from the business community. Russian retail investors, whose share in trading on the Moscow Stock Exchange currently stands at up to 80%, have been given the opportunity to enter Transneft shares more conveniently. Expanding the investor base in the company's capital, increasing the availability of its securities and openness to feedback will continue to have a positive impact on both Transneft and the Russian stock market as a whole," K. Dmitriev said, quoted in the message.
K.Dmitriev was the first to propose the idea of splitting the preferred shares of Transneft. He joined the company's board of directors in 2017, at the same time it became known that the split was supposed to be in the proportion of 100 to 1 in order to "increase the shareholder value of the company and its investment attractiveness by reducing the entry threshold for investments in its shares."
PJSC Transneft (TIN 7706061801) holds a monopoly position in the market of oil exports by pipeline transport. The Transneft Group has the world's largest oil pipeline system.
