Shareholders in ALROSA approve split, shares' face value to decrease by 96%
MOSCOW. June 30 (Interfax) - Shareholders in OSJC ALROSA , at their annual meeting on Thursday, approved an additional issue through a share-split, during which the face value for common shares will be reduced by 96%, the diamond producer said in a statement.
One ALROSA common share at a face value of 13,502.5 rubles will be converted into 27,500 common shares at a value of 0.5 rubles each. The issue will have 7,364,965,630 common shares.
"The positive effect of the share-split for shareholders and the company includes an increase in liquidity and, consequently, a boost in the investment attractiveness for shares, which would boost their market value," ALROSA.
The company's charter capital, which stands at 3,682,482,815 rubles, will not change but total stock will be divided into 7,364,965,630 common shares.
Furthermore, the shareholders also approved the option for placing an additional 2,062,155,810 common shares.