Unfortunately it has nothing to do with "maximizing the value of commons" because how much the govt's stake is worth have nothing to do with the price of common shares.
The percentage of ownership is what determines how much the govt's stake is worth. Ultimately the enterprise value is the starting point and that is unaffected by how many shares are outstanding.
You can forward split, reverse split the common shares as much as you want but it does not intrinsically affect how much your position is worth.
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