"Rosimuschestvo passed the shares of the open-end joint-stock company Rosneft to the authorized capital of the open-end joint-stock company Rosneftegaz at their market price by way of paying for Rosneftegaz additional emission stock," the Rosimuschestvo press service said.
Transfer orders were drawn, June 1, the service added.
Rosneftegaz intends to convene a general shareholders' meeting, June 12, to approve the ambitious transaction, in which the block was purchased.
All corporate moves for Rosneftegaz to acquire Gazprom stock will finish by June 14, Rosimuschestvo said in a press release.
As was announced on a previous occasion, the Gazprom Directors' Board will make a decision, June 15, on the price at which the government is to purchase a gas holding block from its affiliates.
Rosimuschestvo proceeded from a Morgan Stanley evaluation to appraise Rosneft assets, as of January 1, at 734.2 billion rubles, roughly $26.4 billion.
The Federal Financial Market Service registered Rosneftegaz additional emission stock, May 31, at 183.55 billion rubles. According to Service papers, 18,355,000,000 shares were additionally emitted at a nominal of ten rubles apiece. The market price of the block was established proceeding from 40 rubles as one share price to lump 734.2 billion rubles.
The government intends to purchase 10.74% Gazprom shares from its affiliates. A coordinated appraisal of the block has not been announced to this day. The appraisals currently known were made by the Morgan Stanley on a contract with Rosimuschestvo, and the Dresdner Kleinwort Wasserstein for the gas holding. Within a $8-10 billion corridor, the appraisals exceed current Gazprom quotations in the domestic market.
German Gref, Economic Development and Trade Minister, regards appraisals closer to Russian market prices as the more just, he said to the media last week.
As Rosimuschestvo announced on an earlier occasion, it intends to draw on revenues from a prospective sale of a Rosneft non-control block to finance the Gazprom stock purchase. The Rosneft block amount, and purchase form and date have not been determined as yet.
