The shares of “Bashneft” fell by 9% after the news about the postponement of the privatization

The shares of “Bashneft” fell by 9% after the news about the postponement of the privatization


Moscow. August 17. The shares of “Bashneft” fell at the opening of trading on the Moscow exchange on the news about the postponement of the privatization of the company.

According to 10:01 Moscow time, ordinary shares of Bashneft declined by nine percent to 2,850 rubles apiece, and preference of paper was lost towards the previous day’s close at 5.9%, down to 1850 rubles apiece. After a few minutes the reduction of the ordinary shares increased to 12%.

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According to experts of “Interfax-CEA”, the main reason for the sharp falling of securities of “Bashneft” on the Moscow stock exchange was the news about the postponement of the privatization of the company, which appeared the day before already after closing of the main trading on the exchange.

It became known yesterday that the Russian Prime Minister Dmitry Medvedev took the decision to postpone the privatization of “Bashneft”, the decision was approved by the President, said the press Secretary of Prime Minister Natalya Timakova.

“The Prime Minister has decided to postpone the privatization of “Bashneft” at a later date, it (the decision) approved by the President”, – said Timakova.

May 17, 2016, it was announced that Russian President Vladimir Putin has signed the decree about an exception of 50% plus one share of JSC “Bashneft” from the list of strategic enterprises.

The document was signed on 12 may this year. Thus, the government’s stake in Bashneft could be privatized.

The cost of 50.08% stake in the authorized capital of “Bashneft”, owned by the Federal property management Agency, was valued by an independent appraiser in the range from 297 billion to 315 billion roubles, which corresponds to the price per ordinary share from 3 thousand 340 roubles to 3 thousand 537 rubles. Point the market value is 306 billion, which corresponds to the middle of the presented range. The Federal property management Agency and Ministry of economic development has stated that they consider fair such an interval valuation of the company.

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