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Company News SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody February 21, 2019 Issue No. 2019/07 Please be advised that February 23 rd is a public holiday (“Motherland Defender’s Day”) and an official day off in Russia. Therefore, February 22 nd is a short working day. Company News Sistema has no plans to sell remaining 5% in MTS Bank On February 14, 2019 Vladimir Yevtushenkov, core owner of Russian multi-industry holding Sistema, stated that the company had no plans to sell the remaining 5% stake in MTS Bank after it sold 39.5% for RUB 11.4 bln to mobile operator MTS. Sistema plans to redirect the money it raised from the sale to other deals. Sistema and its subsidiary Sistema Telecom Assets sold 39.5% in MTS Bank to MTS on February 12. MTS raised its stake in the bank to 94.7% from 55.2%. CEO says Sberbank still plans to sell Denizbank before April, 2019 On February 14, 2019 German Gref, CEO of Russia’s biggest lender Sberbank, said that the bank kept plans to sell its Turkey-based subsidiary Denizbank to Emirates NBD by the end of the first quarter of 2019. First Deputy CEO Lev Khasis said in late January that Sberbank hoped to receive approval on the sale from the regulator of the United Arab Emirates (UAE) until the end of February. Other regulators have already approved the deal. CEO says Cherkizovo may carry out SPO of at least USD 400 mln On February 14, 2019 Sergei Mikhailov, CEO of Russian meat producer Cherkizovo Group, said that the group may consider holding a secondary public offering (SPO) of at least USD 400 mln if the macroeconomic and political situation is favorable. The family of Cherkizovo Group’s founder Igor Babayev controls 89.5% in the company, while an 8% stake is owned by Spain’s Grupo Fuertes. Lukoil says still no plans to sell stake in Bashneft-Polyus On February 14, 2019 Vagit Alekperov, CEO of Russian oil major Lukoil, stated that the company still did not plan to sell its stake in Bashneft-Polyus, its joint venture with oil company Bashneft. Bashneft holds 74.9% in Bashneft-Polyus, while Lukoil has 25.1%. The joint venture develops the Trebs and Titov fields in the Nenets Autonomous District. RDIF, partners begin talks on raising bid for stake in EDC to 30% On February 14, 2019 Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said that the fund and its partners had started negotiations with Eurasia Drilling Company (EDC) to raise their bid for a minority stake in the company to 30% from 16.1%. The EDC shareholders had approved the sale of a 51% stake to Schlumberger, but earlier in February the U.S. company recalled its bid due to difficulties with getting approval of the Federal Antimonopoly Service. VTB Group to buy 100% of Novorossiysk Grain Terminal from NCSP On February 15, 2019 Andrei Kostin, CEO of VTB, said that that Russian VTB Group planned to acquire 100% of Novorossiysk Grain Terminal from Novorossiysk Commercial Sea Port (NCSP). NCSP said in a statement that the deal had been approved by the regulatory authorities and is to be closed in April–June. 1 Magnit expands management board to 10 people, appoints supply chain director On February 15, 2019 the board of directors of Russian retailer Magnit decided to expand the management board by one more position to 10 people, appointing Marya Dei as director for supply chains. Dei will be responsible for a long-term strategy of the supply chain department, as well as for general management and changes of logistics processes and infrastructure, and for strategic initiatives that should improve efficiency of logistics. VTB sends new buyout offers on Zapsibkombank and Sarovbusinessbank On February 19, 2019 it was reported that Russia’s second largest lender VTB Bank had again sent to the central bank mandatory buyout offers on Tyumen Region-based Zapsibkombank and Nizhny Novgorod Region-based Sarovbusinessbank. Earlier in February, the central bank recognized VTB’s first buyout offers as inconsistent. VTB said that the regulator found some technical flaws in the paperwork. The new offers involve 20.614 mln common shares and 47.845 bonds of Zapsibkombank, 57th by assets in Russia as of December 1, 2018, and 237.58 mln shares of Sarovbusinessbank, which is number 109 in terms of assets. VTB Bank bought 71.8% of Zapsibkombank and 81.108% of Sarovbusinessbank in January. Lukoil buys back RUB 2.9 bln shares, USD 66.5 mln GDRs February 11–15, 2019 On February 19, 2019 it was announced that Lukoil Securities Limited, a unit of Russian oil major Lukoil, paid RUB 2.875 bln to buy 533,658 shares and USD 66.524 mln to buy 816,947 global depositary receipts (GDRs) from the open market on February 11–15. Lukoil bought the securities at a price of RUB 5,388 per share and of USD 81.43 per GDR. In August 2018, Lukoil announced USD 3 bln buyback program that would be valid through December 30, 2022. Kostin says VTB Group has no plans to sell Vozrozhdenie Bank On February 20, 2019 it was reported that Russia’s VTB Group had no plans to sell Vozrozhdenie Bank. Media reported earlier citing sources that Vozrozhdenie Bank might go under control of Post Bank or the Moscow Region government. VTB Bank acquired 85% in Vozrozhdenie Bank in October 2018 and later drove the stake to 96.3%. The bank planned to finish integration of Vozrozhdenie in 2020. Dividends/coupons VTB Bank board to decide on dividends for 2018 by April, 2019 On February 14, 2019 Andrei Kostin, CEO of Russian second largest lender VTB Bank, said that the size of the bank’s dividends for 2018 would be calculated and set by the supervisory board until April. A spokesperson for VTB stated earlier that the bank had not yet decided on dividends for 2018, and compliance with the regulatory norms and the bank’s organic growth were the priorities. Earlier on February 14, Reuters reported citing sources familiar with the discussion that VTB had received preliminary approval from the Finance Ministry to pay around 15% of its 2018 net profit in dividends. RussNeft to pay USD 40 mln in dividends on preferred shares for 2018 On February 14, 2019 Yevgeny Tolochek, CEO of Russian oil company RussNeft, stated that the company would pay USD 40 mln in dividends on preferred shares for 2018, flat from 2017. Acron may pay RUB 5.3 bln in dividends from undistributed net profit On February 14, 2019 the board of directors of Russian fertilizer maker Acron recommended paying RUB 130 per share in dividends using an undistributed profit for previous years. The company may thus pay RUB 5.269 bln in dividends. Acron paid RUB 7.499 bln, or RUB 185 per share, in dividends for 2017. Businessman Vyacheslav Kantor is the main shareholder of Acron. Cherkizovo Group may pay RUB 101.63 per share in final dividends for 2018 On February 15, 2019 the board of directors of one of Russia’s leading meat producers Cherkizovo Group recommended raising final dividends for 2018 to RUB 101.63 per common share from RUB 75.07 paid for 2017. The record date for the dividends is set at April 7. In September 2017, the shareholders of the company also approved distribution of undistributed profit for 2014, 2015, 2016 and January–June 2017 and payment of RUB 59.82 per share, or a total of RUB 2.63 bln, in dividends. In May 2018, the board approved a new dividend policy, under which the company is to pay at least 50% of net profit calculated under International Financial Reporting Standards (IFRS) in dividends for the previous year. The family of Cherkizovo Group’s founder Igor Babayev controls 89.5% in the company, while an 8% stake is owned by Spain’s Grupo Fuertes. 2 Eurobonds / DRs Rusagro holders to mull extra share offering in GDR form March 15, 2019 On February 20, 2019 it was reported that the shareholders of Russian agricultural holding Rusagro would consider offering up to 6.5 mln additional shares in the form of global depositary receipts (GDRs) at an extraordinary meeting on March 15. The number of securities will not exceed 6.5 mln units and the price will not to be below EUR 0.01 apiece. The exact figures will be set during bookbuilding. EuroChem to offer dollar Eurobonds to finance buyback On February 21, 2019 it was reported that Russian fertilizer maker EuroChem planned to offer dollar- denominated Eurobonds to finance buyback of Eurobonds maturing in 2020 and 2021. A banking source said that the company plans to hold a road show of the new Eurobonds from February 26 in Moscow, Zurich, London, and the U.S. Depending on market conditions, EuroChem could place Eurobonds with a maturity of five years. Citi, J.P. Morgan, Sberbank CIB, Societe Generale, UniCredit, and VTB Capital will act as organizers. Please be advised that the information presented in this newsletter is based on the following sources: National Settlement Depository (NSD); Clearstream Banking; Euroclear Bank; PRIME-TASS information agency; “Kommersant”, "Rossiyskaya Gazeta”, “Izvestiya, "Vedomosti”, “The Moscow Times“ newspapers, and others. For more information kindly contact: Anna Enfiandzhiants Evgenia Makarova Julia Dombrovskaya T +7 (495) 783 13 91 T +7 (495) 783 13 64 T +7 (495) 783 13 15 F +7 (495) 783 13 89 F +7 (495) 783 13 89 F +7 (495) 783 13 20 E [email protected] E [email protected] E [email protected] This document has been prepared exclusively for internal use of VTB Bank (PJSC) customers.
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