Transneft mulls issuing ADRs and Eurobonds

Transneft is mulling over the possibility of issuing ADRs of the first level along with Eurobonds, Head of the Corporate Financing Department of the Russian oil transit company Richard Stron told journalists today. The decision to issue ADRs will be made by the company's Board of Directors. However, the company is currently undecided about the feasibility and the time of this issue. As for the company's Eurobonds, they may possibly be issued in 2003.

The registered capital of Transneft is RUR6.22m (around $197.4m) and is divided into 4.66m common and 1.55m preferred shares with a nominal value of RUR1.0 (around $0.03). 75 percent of Transneft's registered capital (100 percent of voting shares) are owned by the Property Ministry of Russia.

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