Rosneft shares hit highest point since start of March, TNK-BP stocks plummet
MOSCOW. Oct 23 (Interfax) - Shares in Rosneft posted gains on Tuesday and hit their highest point since the start of March with major purchases thanks to investor buys of these promising shares. However, shares in TNK-BP , which Rosneft is acquiring, plummeted and hit their lowest points since their start of trading in December 2010.
By 5:57 pm Moscow time, Rosneft shares had increased to 226.9 rubles each (up 3.3%). Their total trades overtook total Sberbank deals with over 7.706 billion rubles in transactions.
In the meantime, TNK-BP's common shares fell by 17.2% to 65 rubles. The company's prefs fell by 17% to 55.9 rubles.
Rosneft President Igor Sechin said during a Tuesday conference call for investors that the issue of paying TNK-BP dividends is not under consideration.
TNK-BP, which usually pays quarterly dividends, has not paid dividends in 2012 owing to shareholder conflict. Sechin said that the company's dividends "are funds, which will be used to reduce the debt burden."
Sechin added that the buyout of minority shareholder stakes in TNK-BP Holding was not considered in the framework of Rosneft's acquisition of 100% in its parent company, TNK-BP Limited.