Rosneft to unify joint stock capital

A meeting of shareholders of the Russian oil company Rosneft, that was holdin the form of the absentee vote in September, approved the decision aboutthe unification of the company's joint stock capital. This measure will betaken to make the company's management more efficient. The Rosneft pressservice reported to RBC that all preferred stocks of the company(1,446,047) would be converted into ordinary stocks in 2003. This willrequire an additional issue of common registered non-documentary stocks inthe same amount as current preferred stocks. Before this issue, Rosneftwill complete another deal with an additional issue in the amount of742,382 stocks by transferring the Ispolin crane ship, worth about 600mrubles, or $18.97m, for Rosneft's ownership.As of now, the share capital of Rosneft is 90,179,359 rubles (about $2.85m)and it is divided into 1,446,047 preferred shares and 88,733,312 ordinaryshares at the nominal value of 1 rubles (about $0.03). The Russian PropertyMinistry owns a 75-percent stake minus one share in Rosneft and 25 percentplus one share belongs to the Russian Federal Property Fund..

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