abce certificate
Friday, 21 November, 2008, 22:00 GMT | more >>

Tatneft to farewell NYSE



By Upstream staff 

Russian explorer Tatneft said today it is set to de-list from the New York Stock Exchange and has notified the NYSE of its plans.

Tatneft said earlier it planned to de-list from the NYSE and terminate its registration with the US Securities & Exchange Commission (SEC) with the aim of focusing trading in its stock on the London Stock Exchange.

The company said it would remain under SEC regulations until it lodged an application with the commission.

Tatneft, the only Russian company listed in both London and New York, also said its expenses at the SEC had grown considerably in recent years.

Focusing on the London Stock Exchange will help the company boost its stock's liquidity, while the cash saved by withdrawing from SEC would be used to increase dividends, the company said.

In the first half of this year, Tatneft posted net profit according to Russian Accounting Standards of 23.4 billion rubles (about $872 million), a 45% increase year-on-year.


Friday, 18 August, 2006, 14:44 GMT  | last updated: Friday, 18 August, 2006, 14:44 GMT

e-mail this article to a colleague


to email:  from:
comments: