STRELNA, July 16 (RIA Novosti) - The managers of Rosneft bought a small package of the company's shares during the initial public offering, the president of the state-run oil company said Sunday.
"Our top managers applied to the board of directors with a request to allow the purchase of shareholdings on equal terms," Sergei Bogdanchikov said at a summit of the Group of Eight industrialized nations being held near St. Petersburg. "Some colleagues and I have exercised this right."
Bogdanchikov said the number of shares the management acquired would be made public after the IPO process was over.
"I believe these will be fractions of percentages, judging from preliminary data," Bogdanchikov said.
The Rosneft president earlier said he was prepared to invest up to 30% of his own savings in the company's IPO.
In response to a question about this pledge, Bogdanchikov said: "I have kept my promise and invested a considerable sum of money because I believe in our company."
Bogdanchikov said he could only disclose the sum of his investment after the board had provided official disclosure on the company's IPO.
He said IPO subscriptions had totaled more than $15 billion.
"There were bids worth a total of more than $15 billion, including foreign subscriptions from 46 countries."
