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. Last Updated: 07/27/2016

Surgutneftegaz To Issue Shares

Russia's third largest oil producer, Surgutneftegaz, announced Monday that its production and holding companies would issue new ordinary and preferred shares, but gave no details.

"Decisions were made on the additional issues of ordinary and preferred shares of Surgutneftegaz and the [holding] company," the company said in a statement, referring to meetings of the boards of directors of both companies on attracting investment.

A Surgut spokesman declined to give details of the issues.

The statement said ordinary stock shareholders in the production company would have the right of first refusal to buy new shares.

A project by the holding company envisioned issuing new shares within authorized limits and selling options on shares to company workers. The board will consider that proposal at a meeting in the fourth quarter.

Ordinary shares had eased Monday to $0.229 after closing Friday at $0.235.

Surgut Holding has 10.06 million ordinary shares and in May it authorized the issue of a further 269,144 ordinary shares and 260,422 preferred shares. The board of directors can issue shares up to authorized amounts without shareholder approval.