Surgutneftegaz shares sold

The Russian Federal Property Fund has sold a packet of 0.814% of shares in Surgutneftegaz at a special auction, the results of which were announced in Moscow on Monday. According to preliminary information, the shares were sold at slightly higher than the start price of 7,840 rubles per share. The Property Fund is expected to officially confirm the results of the auction in the near future. The start price for the shares was set taking into consideration the coefficient for exchanging Surgutneftegaz shares into shares in the joint stock company of the same name. Consequently, the discount value of the shares for the buyer, talking the upcoming conversion into consideration, was set at 7.84 rubles per share ($0.27) at the moment the auction was announced; the market value at that time was $0.3, Finmarket announces. However, during the auction the market value of Surgutneftegaz shares fell and by the deadline for auction bids on November 3, had fallen to $0.25 - $0.27 and at 12:00 Moscow time on November 27 these shares cost $0.23 - $0.24