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SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody November 19, 2020 Issue No. 2020/45 Internal Custody News Change of VTB Bank’s legal address We hereby would like to inform you that as from 16.11.2020 the legal address of VTB Bank (PJSC) (the “Bank”), was changed. The new legal address of the Bank is: 11, Lit.A Degtyarny Lane, St. Petersburg, 191144 Russian Federation. The Bank’s legal address was changed in view of the state registration of the restated Charter of the Bank approved by the Bank’s General Shareholders Meeting on 24.09.2020. On 16.11.2020 a relative entry was made to the Unified State Register of legal entities. Company News Rosneft buys back USD 0.9 mln of securities on November 9-13 On November 16, 2020 Russian oil major Rosneft stated that the company bought back 177,314 shares and global depositary receipts (GDRs) for USD 0.9 mln from November 9 through November 13. Rosneft bought 20,960 ordinary shares and 156,354 GDRs. The weighted average price stood at USD 4.95 apiece. Since the launch of the USD 2 bln buyback program on March 23, the company bought back 80.934 mln securities for USD 370.4 mln. Raspadskaya may adjust dividend policy after coal assets merger On November 16, 2020 Evraz CEO Alexander Frolov said during an online conference that Russian coal producer Raspadskaya is highly likely to adjust its dividend policy after a merger on its basis of coal assets of U.K.-based mining giant Evraz, which operates mainly in Russia. He mentioned that annual results for 2020 will be known when the deal is closed. As usual, the board of directors will look at them and make a decision on dividend policy. Raspadskaya’s present dividend policy is a minimal payment for a period. Frolov said that it is understandable that after the merger the dividend policy is highly likely to be adjusted. But it is premature to say anything specific at the moment. Frolov also said that Evraz does not plan to delist Raspadskaya from stock exchanges and consolidate the stake, but is interested in increasing the company’s free float. Mazepin says no joint management for Uralkali and UralChem On November 17, 2020 Russian fertilizer producer UralChem stated that Uralkali and UralChem are not considering merging their management teams, denying earlier report by Kommersant business daily. It was said in the statement quoting Dmitry Mazepin, core owner of the two companies, that the both companies will remain separate independent legal entities with separate CEOs. UralChem CEO Sergei Momtselidze will continue working in his position, while Uralkali’s Technical Director Vitaly Lauk should assume the post of CEO of the company and replace Dmitry Osipov at the beginning of December. Dmitry Osipov will vacate the post at the beginning of December, but he will remain in Uralkali’s board of directors. He will work on the projects within the company. Earlier on November 17, Kommersant business daily reported quoting an unveiled source that Mazepin wanted to restructure the management of his chemical assets by creating one management company for both Uralkali and UralChem by replacing the CEOs of the two companies. 1 Rosneft board approves selling 10% in Vostok Oil to Trafigura On November 17, 2020 Russian oil major Rosneft stated that the board of directors of the company had approved selling a 10% stake in Vostok Oil, a joint project with Eduard Khudainatov’s Neftegazholding, to Singapur’s Trafigura. It also said that the project’s proven resource base amounts to 6 bln tonnes, or 44 bln barrels of liquid hydrocarbons. Vostok Oil comprises the largest fields of the Vankor cluster – the Vankor, Suzunskoye, Tagulskoye, and Lodochnoye, as well as the promising oil sites in the north of the Krasnoyarsk Region such as the Payakha group of fields owned by Neftegazholding, and the Zapadno-Irkinsky block. Russian Agricultural Bank board approves RUB 10.5 bln share issue On November 17, 2020 it was stated that the supervisory board of Russian Agricultural Bank had approved issuing RUB 10.5 bln of new shares. The shares will be sold to the state in a private offering. MTS buys back 0.013% of capital under RUB 15 bln buyback program On November 17, 2020 major Russian mobile operator MTS said in a statement that Bastion, a wholly- owned subsidiary of MTS, had acquired 251,800 MTS ordinary shares, representing 0.013% of the operator’s capita. The shares were acquired under a repurchase plan launched on March 31, and since then Bastion has acquired 47.3 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 2.46% of the capital. Under the Russian law, MTS must disclose any shares acquired by the company or by any of its subsidiaries. On November 17 MTS president Alexei Kornya said at a conference call that the company plan to spend RUB 15 bln for the year 2020 buyback program. The buyback program is to be ended prematurely in November. Kornya added that MTS has no new buyback plans. Gazprom Neft directors approve transfer of 50% in unit to Shell On November 17, 2020 Russian oil company Gazprom Neft stated that the board of directors of the company had approved a transfer of ownership of the share owned by Gazprom Neft in the shareholder equity of Gazpromneft-Aero Bryansk with a nominal value of RUB 5,000, or 50% of capital of Gazpromneft- Aero Bryansk, to company Shell Exploration and Production West-Siberia B.V. Gazprom Neft and Shell signed an agreement to create a joint venture to develop the Gydan Peninsula in July. Earlier in November Gazprom Neft’s parent company Gazprom approved the transfer of 50% in the Gydan subsidiary of Gazprom Neft to Shell. Crimea puts Massandra winery for sale at starting price of RUB 5.3 bln On November 17, 2020 it was seen in the materials of the Unified Electronic Trading Facility that the government of Crimea had put up shares of large winery Massandra for an auction with a starting price of RUB 5.3 bln. Massandra, with a capital of RUB 3.6 bln, was earlier included in the Russian government’s privatization plan for 2020. The government later transferred shares of the winery to Crimea. The auction will be held on December 14, and the deadline for submission of bids is December 8. The bid increment is RUB 26.5 mln, or 0.5% of the initial price. VSMPO-Avisma to buy back up to RUB 5 bln of its shares On November 18, 2020 it was stated that the board of directors of Russian titanium giant VSMPO-Avisma had approved a RUB 5 bln share buyback. The shares will be bought by the company’s subsidiary Avitrans via a brokerage account in Sberbank through December 31, 2021. VSMPO-Avisma’s shareholder equity comprises 11.53 mln ordinary shares, of which 25% plus one share is owned by a subsidiary of state industrial corporation Rostec. Business Alliance Company, controlled by Deputy Chairman of the titanium giant’s Board of Directors Mikhail Shelkov, owns 65.27% in VSMPO-Avisma through LLC Promyshlennye Investitsii (Industrial Investments), Cyprus-registered Cador Enterprises Limited and Jivanta Ventures Limited. Other shareholders control 9.73% in the company. Central bank appoints Promsvyazbank to bail out Roscosmosbank On November 18, 2020 the central bank of Russia said in a statement that had appointed Promsvyazbank to bail out Roscosmosbank of state space corporation Roscosmos and buy it from the space company. The statement reads that the Bank of Russia has approved changes to the plan of participation of state corporation Deposit Insurance Agency in the measures for prevention of Roscosmosbank bankruptcy. It was mentioned that the changes encompass acquisition by Promsvyazbank of 100% in the bank from state space corporation Roscosmos, as well as reorganization of the latter bank in the form of a merger with Promsvyazbank until May 1, 2021. 2 Finance Ministry places RUB 56 bln of OFZ bonds On November 18, 2020 Russia’s Finance Ministry stated that the Ministry had placed RUB 56 bln of OFZ government bonds at three auctions on November 18. At the first auction, the ministry sold RUB 6.219 bln worth of OFZ 26235 government bonds with a fixed coupon maturing in March 2031. The cut-off price amounted to 99.8% of a face value, and the weighted average price stood at 99.9419%. Demand stood at RUB 16.347 bln. At the second auction, the ministry placed RUB 30 bln of OFZ 26234 government bonds maturing in July 2025. The cut-off price was 97.452% of a face value, and the weighted average price stood at 97.5167%. Demand totaled RUB 44.303 bln. At the third auction, the ministry placed RUB 19.782 bln of OFZ 52003 government bonds with adjusted face value maturing in July 2030. The cut-off price was 98.1725% of a face value, and the weighted average price stood at 98.254%. Demand totaled RUB 50.578 bln. Fix Price mulls IPO in January–June 2021 On November 18, 2020 Bloomberg reported citing sources familiar with the matter that Fix Price, Russia’s biggest dollar-store retailer, is considering an initial public offering (IPO) of shares after winning the backing of Goldman Sachs Group Inc. early this year. The chain is looking at London and Moscow as listing venues for a sale in the first half of next year, and the valuation may be about USD 6 bln, according to the source.
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