Gazprom is the largest joint-stock company in Russia. Total number of the Company’s shareholders is over 500,000. The state owns a 50.002 per cent controlling stake in Gazprom.Gazprom’s equity capital
|Shareholders||Stake, % as of December 31, 2012|
|Federal Agency for State Property Management||38.373|
|The Bank of New York Mellon (Depositary bank of OAO Gazprom’s ADR Program)||26.955|
|Other registered entities||23.043|
Gazprom’s shares are among the most liquid stocks in Russia. They capture about 30 per cent of a daily trading volume of stock traded on MICEX-RTS. The Company’s shares have the highest specific weight in the RTS and MICEX indices.
Gazprom’s stock weighs more than a quarter in the MSCI Russia Standard Index and MSCI Russia Large Cap Index. The Company’s stock is second by weight in the MSCI EM index.Basic information about Gazprom’s shares
|Number of shares issued||23,673,512,900|
|Nominal value of a share||RUB 5.0|
|Value of shares issued||RUB 118,367,564,500|
|Stock ticker symbol||GAZP|
History of stock capital
On May 20, 1993 RAO Gazprom issued 236,735,129 shares at a par value of RUB 1,000 per share. The share issue was registered by the Russian Federation Ministry of Finance (registration number MF73-1p-0204).
On October 21, 1994 the Russian Federal Property Fund carried out, according to the Russian President Order No.1705 of December 31, 1992 and based on the outcomes of the specialized cheque auction for selling RAO Gazprom’s shares held in 61 regions of the Russian Federation between April 25, 1994 and June 30, 1994, the split-up of the Company’s shares. The shares were split in the following way: 1 (one) share with a par value of RUB 1,000 (one thousand) was split into 100 (one hundred) shares with a par value of RUB 10 (ten).
On August 19, 1998 the Russian Federal Securities Commission (FSC), introduced and registered, according to the Russian Federation Government Decree No.217 of February 18, 1998 “On the Specifics of Securities Circulation Due to a Change in the Face Value of Russian Currency and the Scale of Prices”, the FSC Decree No.6 of April 20, 1998 “On the Order of Amendments into the Resolution on Securities Issue, Emission Prospectuses, Privatization Plans and Foundation Documents That May Arise from the Changes in the Face Value of Russian Currency and the Scale of Prices”, and according to the FSC resolution of August 17, 1998, the amendments into the emission prospectus for ordinary nominal uncertified shares (state registration No. assigned to the issue is MF73-1p-0204 of May 20, 1993). As a result, the face value of ordinary nominal shares accounted for RUB 0.01.
Thereafter, 23,673,512,900 Gazprom’s ordinary nominal uncertified stocks of the first issue (state registration No.MF73-1p-0204 of May 20, 1993) at a nominal value of RUB 0.01 per share were cancelled because of their conversion (conducted on December 30, 1998) into ordinary nominal uncertified shares of the second issue at a nominal value of RUB 5.0 per share.
ADR stands for an American Depositary Receipt issued against Gazprom’s ordinary shares providing free floating of the Company’s shares in international stock markets. The Company’s ADRs are deposited with The Bank of New York Mellon. ADR affirms the ownership of Gazprom’s shares deposited with The Bank of New York Mellon. One ADR represents two shares of Gazprom. It is possible to convert Gazprom’s ordinary shares into ADRs and vice versa.
|Number of ADRs : number of Gazprom’s shares||1:2|
|Program limit||35% of nominal capital|
|Account depository||Bank of New York Mellon|
|Custodian bank||«Gazprombank» (Joint Stock Company)|
|Starting date of the current Program||April 17, 2006|
Gazprom is one of the first Russian issuers of depositary receipts traded on the global stock market.
ADR Program history
Gazprom’s ADR Program was launched on October 21, 1996. In the end of last century Gazprom’s shares as well as the Russian stock market in general were undervalued because of the danger of “outside merge”: the Russian Government put some restrictions on buying Gazprom’s shares by foreign investors. At that time, there were two markets for trading the Company’s shares: the Russian market of the ordinary shares and the ADR market limited by 4.4 per cent of the nominal capital. The share price and the ADR price significantly differed from one another.
The Russian Government together with Gazprom’s management undertook purpose-oriented efforts to deregulate the Company’s stock market. In 2005 the state took control over Gazprom’s shares, and therefore removed restrictions on the Company’s stock acquiring and trading. In April 2006 a new ADR Program was launched – “the first level Program”. The Program provides for possible trading in receipts only on the over-the-counter market in the USA as well as enables private investors to become the owners of receipts. Before that, Gazprom’s receipts were issued in line with 144 A Rules and Regulation S, meaning that US institutional investors with the portfolio of over USD 100 million, as well as non-US investors, had the right for the ownership of the Company’s receipts.
Before 2006, one ADR represented 10 Gazprom’s shares; starting from 2006 the ratio was changed to 1:4, and from 2011 – to 1:2.
At present, Gazprom’s ADRs are listed on the London Stock Exchange, traded on the US over-the-counter stock market and on European stock exchanges, namely the Berlin and Frankfurt Stock Exchanges. As at the end of 2011, about 28.35 per cent of Gazprom’s shares were floating in the form of ADRs.
As at the end of 2013 Gazprom’s market capitalization was USD 100.4 billion.
Gazprom’s capitalization, USD billion