Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Surgutneftegaz Swap

MOSCOW -- The board of directors of Surgutneftegaz, the nation's No. 3 oil producer, established a swap ratio for holders of ordinary shares as part of the company's consolidation plan, Surgut officials said Tuesday.

The offer for holders of preferred shares is an exchange ratio of 1-to-300.

The swap ratio is one of the key issues in a scheme to merge disparate units into a single, listed company, OAO Surgutneftegaz.

Surgut has offered to exchange 100 percent of shares in the Pskov, Novgorod, Tver and Kaliningrad units for 100 million shares in OAO Surgutneftegaz. For the Kirishi refinery, the proposed swap ratio is 0.000001 of the stake for 16 shares in the OAO.

The Federal Securities Commission has approved an issue of 12 million ordinary shares, with the face value of each share set at 1 ruble (35 cents), the company said.