Share of ADR in Gazprom capital now exceeds pre-crisis high
MOSCOW. Nov 16 (Interfax) - Shares in Gazprom circulating in the form of American Depositary Receipts (ADR) accounted for 23.87% of charter capital at the end of the third quarter 2009, up from 23.412% at the beginning of the quarter.
Their share of equity had declined throughout the second half of the year, from the high recorded in late June - 23.63%. The percentage hit bottom late last year at 22.15%.
The share of Gazprom equity in ADR had been stuck at 4.42%, but in April 2006 the gas giant launched a new ADR program whose limit is 35% of equity.