Gazprom is the largest joint-stock company in Russia. The total number of bank accounts holding 23,673,512,900 shares of Gazprom exceeds 470 thousand. Russian Government controls over 50 per cent of the Company’s shares.Gazprom’s equity capital
|Shareholders||Stake, % as of May 11, 2016|
|The Russian Federation represented by the Federal Agency for State Property Management||38.373|
|Other legal entities and individuals||22.019|
* Companies controlled by the Russian Government
Gazprom’s shares are one of the most liquid instruments of the Russian stock market. In 2014 the average daily trading volume of the Company’s shares totaled some 17 per cent of the average daily trading volume of shares, depositary receipts and equity interest at the Moscow Exchange. The Company’s stock has the largest share in the RTS and MICEX indexes. Gazprom’s shares are included into the first (top) quotation list of Russian stock exchanges – MICEX and Saint Petersburg Exchange.Basic information about Gazprom’s shares
|Number of shares issued||23,673,512,900|
|Nominal value of a share||RUB 5.0|
|Total nominal values of an issue||RUB 118,367,564,500|
|Stock ticker symbol||GAZP|
The voting principle at the General Shareholders Meeting is ‘one voting share of the Company – one vote’, except for holding cumulative voting to the extent provided by the Federal Law ‘On Joint Stock Companies’.
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 vs. number of Gazprom’s shares||1:2|
|Program limit||35% of equity capital|
|Account depository||The 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.Information about ticker symbols
|Stock exchange||Ticker symbol|
|London Stock Exchange||OGZD|
|Berlin Stock Exchange||903276|
|Frankfurt Stock Exchange||903276|
|Singapore Stock Exchange||AAI|
ADR Program history
Gazprom’s ADR Program was launched on October 21, 1996. In late 90s Gazprom’s shares as well as the Russian stock market in general were underrated. Because of the foreign takeover dangers, the Russian Government imposed some restrictions on buying Gazprom’s shares by foreign investors. At that time there were two markets for trading Gazprom’s shares: the Russian market of ordinary shares and the ADR market limited to 4.4 per cent of the equity capital. The prices of shares and ADRs differed significantly from one another.
The Russian Government together with Gazprom’s management was taking focused efforts aimed at deregulating the Company’s stock market. In 2005 the Government gained control over Gazprom’s shares, thus fulfilling the main condition for lifting the restrictions on the acquisition and trading of the Company’s shares. In April 2006 a new ADR Program was launched – ‘the first level Program’. The Program provides for the possibility of trading the issuer’s receipts only at the over-the-counter market in the USA as well as enables private investors to hold the 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 were entitled to hold the Company’s receipts.
Before 2006, one ADR represented 10 Gazprom’s shares; starting from 2006 the ratio was reduced to 1:4, and from 2011 – to 1:2.
At present, Gazprom’s ADRs are listed at the London Stock Exchange, traded at the US over-the-counter stock market as well as European stock exchanges, particularly, the Berlin and Frankfurt Stock Exchanges. As of May 7, 2015, about 28.392 per cent of Gazprom’s shares were floating in the form of ADRs.
In February 2014 MICEX included Gazprom’s ADRs into the Non-Listed Securities Register of the List of Securities Admitted to Exchange Trading and admitted them to stock trading.
In June 2014 Gazprom’s global depositary receipts were granted an introductory listing and included in the quotation list of the Singapore Exchange.
As at the end of 2015 Gazprom’s market capitalization was USD 44.2 billion.
Gazprom’s capitalization, USD billion