21 Feb 2023 20:23

Nornickel mulling share split, considering matter of how to handle ADRs in this case

MOSCOW. Feb 21 (Interfax) - Nornickel is working on the issue of splitting the par value of its shares, Mikhail Borovikov, head of the company's Investor Relations Department, said while answering questions from investors on the BCS Live channel.

The company is getting many inquiries from retail investors about this, he said.

"We hear you all. This is an issue that the company is working through," Borovikov said. "But there are many technical pitfalls, including those related to the frozen ADR program. There are ADRs that have to be split as well. But we are doing it and I think that everything will be fine along this vector.

The price of one of the company's shares is now about 14,700 rubles.

According to him, the split, along with incentive programs, will be part of the efforts under the "people's capitalism" plan, which is designed to make the stock more affordable for the company's employees and retail investors.