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Gazprom Stocks Converted to ADRs for $1.4bn in April
Holders of Russia’s gas monopoly, Gazprom, converted to ADRs the stocks worth $1.4 billion in April, Interfax reported. The share of ADRs was 22.4 percent as of May 8 vs. 21.95 percent by close of the first quarter.
Gazprom had long maintained the ADR share at 4.42 percent of stock capital. In April of 2006, it launched another program of first-level ADRs, which limit equals 35 percent with regard to the closed program of ADRs under Regulation 144A.
The proven reserves of Gazprom grew 0.5 percent to 18.3 trillion cu meters under the PRMS in 2007, according to the briefing memorandum elaborated for the new issue of Gazprom eurobonds. The prospective reserves slid 4 percent to 2.5 trillion cu meters.
www.kommersant.com
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