As a result of the sale of own shares to the major shareholders of Sibneft, the company received a profit of $ 26 million, which is equivalent to an annual return on investment of 9.3%. The company acquired this package as a result of a series of transactions completed on December 28, 2000, paying $ 542 million for it (the average cost per share was approximately $ 0.41).
The shares were sold as a result of a series of transactions on July 4 and 11, 2001 for $ 568 million, (the average price per share was approximately $ 0.44). These transactions will be fully reflected in the Sibneft report on the 2001 US GAAP standards.
“The sale of a 27% stake in Sibneft brought profit to all shareholders of the company,” said Yevgeny Shvidler, President of Sibneft. “Sibneft does not consider it possible to conclude transactions, as a result of which the interests of minority shareholders of the company may suffer.”
“Sibneft is very attentive to its obligations towards shareholders, taken on as a public company. We are also going to be attentive both to the concerns of investors and their criticism. The company intends to continue an open and honest dialogue with the investment community. ”
“Successful consolidation of Sibneft, as well as record levels of investment that led to high growth in production and profits, are clear evidence that the company intends to consistently build a positive history of stock exchange value. In addition, our decision to pay dividends that are record high in the history of corporate governance in Russia indicates our intention to share this profit with all of our shareholders. All that we ask investors is for them to judge the company by its achievements. ”