Finance General News

Gazprom, the worlds largest gas producer sells 3.6% of its shares for $3.3 billion

natural gas plant

Earlier today, Gazprom, a Russian natural gas producer, reported it would sell 3.6% of share in its company for over $3.3 billion, however, the company has not yet disclosed the buyer. 

The sake sale would be the second sale for the Russian company in 2019 which would be sold from its quasi treasury.  

In 2016, the natural gas producer repurchased its share from the Russian state development bank. The bank purchased the shares from Gazprom in 2008 during the global financial crisis

The stake sale would not lead to the dividend payments to its shareholders as it comes under the company’s Quasi-treasury shares.

Earlier today, the share price for the company went up by 3.85% for its trading day and at press time is priced at RUB 257.54 per share.

Alexei Miller is the CEO of the company while Viktor Zubkov is the Chairman of the company.

The first batch of shares went to an unknown buyer for $2.2 billion in July this year.

According to sources close to the matter, the sale of stake for the second batch has not been done on the public market. 

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