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Market News Politics Legislation SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody November 12, 2020 Issue No. 2020/44 Market News Mail.ru GDRs to join MSCI Russia Index – MSCI On November 11, 2020 it was reported that Global depositary receipts (GDRs) of Russian Internet company Mail.ru Group would be added to the MSCI Russia Index. The change will take affect at the trading closure on December 1. The securities of Magnitogorsk Iron and Steel Works (MMK) will be excluded from the index. BCS Global Markets experts said the decision was expected. The inclusion of Mail.ru will result in an inflow of USD 147 mln, and the exclusion of MMK will lead to an outflow of USD 55 mln, which is enough to negatively impact the quotes in the period until the date of the changes to take effect. Politics Putin appoints Novak as deputy PM, others as ministers On November 10, 2020 it was stated that Russian President Vladimir Putin signed decrees to appoint former Energy Minister Alexander Novak as a new deputy prime minister. Besides Novak, Putin appointed hydropower giant RusHydro’s CEO Nikolai Shulginov as a new energy minister, former Far East Development Minister Alexaner Kozlov as a new natural resources and environment minister, national flagship carrier Aeroflot CEO Vitaly Savelyev as a new transport minister, former Deputy Construction, Housing, and Utilities Minister Irek Faizullin as the new minister, and CEO of the Fund for Development of the Far East and the Arctic Alexei Chekunkov as a new far east development minister. Earlier in the day, the parliament’s lower house State Duma approved all the candidates. Under a new policy approved after amendments to the Constitution, the State Duma should approve all ministers after corresponding suggestions of the prime minister instead of law enforcement and defense ministers, which are appointed by the president after consultations with the parliament’s upper house Federation Council. The Kremlin said on November 9 that Putin increased the number of deputy prime ministers to 10 from nine, including the first deputy minister. Artemyev appointed as PM aide, Shaskolsky as antitrust head On November 11, 2020 it was announced that Prime Minister Mikhail Mishustin appointed Igor Artemyev, who had worked as director of the Federal Antimonopoly Service for 16 years, as Mishustin’s aide. Maxim Shaskolsky, who resigned as deputy governor of Saint Petersburg on November 10, will replace Artemyev. Mishustin also met with both officials and told Shaskolsky to pay special attention to formation of prices for consumer goods. Legislation Russia, Luxembourg sign double taxation avoidance amendments On November 6, 2020 it was reported that Russia and Luxembourg signed a protocol introducing changes to a double taxation avoidance agreement. The ratification must take place until the end of 2020, and in this case, the stipulations shall be applied from January 1, 2021. In March, Russian President Vladimir Putin suggested imposing a 15% tax on dividend yields withdrawn to accounts in foreign jurisdictions, which needs adjustments to agreements on avoidance of double taxation with other countries. Russia will cancel such 1 agreements unilaterally if a consensus is not reached. The Finance Ministry sent notifications to Cyprus first, and then to Luxembourg, Malta, and the Netherlands. Amendments to the accord with Cyprus have already been made, and the government coordinated them with Malta and Luxembourg. But negotiations with the Netherlands are difficult, Finance Minister Anton Siluanov said earlier. Duma approves 15% tax on RUB 5 mln income in 3rd reading On November 11, 2020 the State Duma, the Russian parliament’s lower house, approved in the third and final reading a bill to raise the personal income tax on earnings exceeding RUB 5 mln per year to 15% from 13%. President Vladimir Putin earlier proposed to raise the personal income tax for larger earnings from January 1, 2021 to spend state budget revenue on the treatment of children with rare diseases. Under the government’s estimates, additional contributions of the higher personal income tax will amount to RUB 60 bln in 2021, RUB 64 bln in 2022, and RUB 68.5 bln in 2023. During the second reading, the State Duma approved some amendments to the bill, and the new tax will not be applied to incomes if people sell personal property excluding securities or receive large insurance payments as their income may exceed RUB 5 mln but it will be a one-time exception. To become law, the bill must be approved by the parliament’s upper chamber Federation Council in one reading, and be signed by the president. Company News Lushnikov becomes new controlling shareholder of Kalashnikov On November 6, 2020 it was reported that former Deputy Transport Minister Alan Lushnikov acquired a controlling stake in Russian arms producer Kalashnikov using borrowed funds. Lushnikov also said that he had already joined the company’s board of directors and did not plan to change the management. Kalashnikov earlier said that Lushnikov bought a 75% minus one share stake in the company while state industrial corporation Rostec holds a blocking stake of 25% plus one share. Sovcomflot to buy out shares bought by VTB Capital after IPO On November 6, 2020 it was stated that SCF Arktika, part of Russian shipping company Sovcomflot (SCF), would buy out 37.1 mln shares, bought by VTB Capital on the stock exchange as a stabilization measure following a recent initial public offering (IPO). SCF Arktika will hold the securities as treasury shares. After the put option is settled, Sovcomflot’s free float will amount to 15.6%, and the state will control 82.8% of the company. Rosneft buys back USD 25.7 mln of securities in November 2–6, 2020 On November 9, 2020 it was reported that Russian oil major Rosneft bought back 5.421 mln shares and global depositary receipts (GDRs) for USD 25.7 mln from November 2 through November 6. The company bought 4.3 mln common shares and 1.12 mln GDRs. The weighted average price stood at USD 4.68 apiece. Since the launch of USD 2 bln buyback program on March 23, the company bought back 80.758 mln securities for USD 369.5 mln. Novatek buys back 473,946 ordinary shares on October 2–9, 2020 On November 9, 2020 it was announced that Russian independent gas producer Novatek bought back 473,946 ordinary shares, including in the form of global depositary receipts (GDRs), on the open market on October 2–9. Novatek’s board of directors approved USD 600 mln buyback program in June 2012 and prolonged it several times. In June 2020, the program was extended until June 7, 2021. Aeroflot appoints Deputy CEO Chikhanchin as acting CEO On November 11, 2020 a spokesperson for Russian national flagship carrier Aeroflot said that the company appointed Deputy CEO Andrei Chikhanchin as an acting CEO. On November 9, President Vladimir Putin dismissed Transport Minister Yevgeny Ditrikh, and on November 10 he approved Aeroflot’s CEO Vitaly Savelyev as the new transport minister. RusHydro says board appoints Viktor Khmarin as acting CEO On November 11, 2020 the board of directors of Russian hydropower giant RusHydro appointed Viktor Khmarin, the company’s first deputy CEO, as an acting CEO of the company following appointment of the company’s former CEO Nikolai Shulginov as the energy minister. The board also elected Deputy Prime Minister Yury Trutnev as the chairman of the board and Rector of the Moscow Power Engineering Institute Nikolai Rogalev as the deputy chairman. 2 MTS buys back 0.013% of capital under repurchase plan On November 12, 2020 it was reported that Bastion, a wholly-owned subsidiary of major Russian mobile operator MTS, acquired 259,100 MTS ordinary shares, representing 0.013% of the operator’s capital. The shares were acquired under a repurchase plan announced on March 31, and since then Bastion has acquired 45.1 mln MTS ordinary shares, including 19.564 mln shares bought back from Sistema for RUB 6.5 bln. In total, the purchased shares account for 2.36% of the capital. Under the Russian law, MTS must disclose any shares acquired by the company or by any of its subsidiaries. FESCO says no talks of Rosatom becoming shareholder On November 12, 2020 it was stated that Russian nuclear power corporation Rosatom was not to become a shareholder of Far-Eastern Shipping Company (FESCO) or its unit Commercial Port of Vladivostok. FESCO President Arkady Korostelyov had a meeting with the port’s CEO Roman Kukharuk and the Primorsky Region’s Governor Oleg Kozhemyako. Korostelyov reminded that within the framework of strategic cooperation, state corporation Rosatom was delegating one of its companies as a manager to the port. He also noted that there was no talk of Rosatom entering the capital of the port or FESCO. Rosatom has been designated by the Russian government as the management company of the port. Kozhemyako earlier posted a video on his Instagram account saying that Rosatom would be the owner of FESCO. After the anchor investor was determined at a government meeting ... it was specifically said that it would be Rosatom, the owner of FESCO. First as a management company, then as an owner. It is a state corporation, a serious one, which never allows bankruptcies or corporate internal disputes. Dividends/coupons PhosAgro board recommends paying RUB 15.9 bln in interim dividends On November 6, 2020 the board of directors of Russian fertilizer producer PhosAgro recommended paying RUB 123 per share, or RUB 15.9 bln, in interim dividends. The shareholders will consider the recommendation at an extraordinary general meeting on December 14. Former Senator Andrei Guryev and members of his family hold 48.52% in PhosAgro, Vladimir Litvinenko owns 20.98%, and free-float is 30.5%.
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