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Market News Legislation Company News SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody May 27, 2021 Issue No. 2021/19 Market News Moscow Exchange plans to launch morning stocks trade in October–December On May 20, 2021 it was reported that the Moscow Exchange plans to launch morning sessions starting at 7:00 a.m. on the stock market in October–December. Boris Blokhin, department director, told reporters that at the first stage, Russian stocks from the Moscow Exchange index and the most liquid foreign stocks will be admitted to trade. At the second stage scheduled for January, the Moscow Exchange will give admission to unit investment funds. Legislation Putin signs law to denounce double taxation deal with Netherlands On May 26, 2021 it was disclosed that President Vladimir Putin had signed a law on denunciation of an agreement on avoidance of double taxation with the Netherlands. The validity of the agreement will be terminated from January 1, 2022 if Russia notifies of its denunciation until June 30, 2021. In March 2020, Putin suggested imposing a 15% tax on dividend yields withdrawn to the accounts in foreign jurisdictions, which needs adjustments to the agreements on avoidance of double taxation with other countries. Russia will cancel such agreements unilaterally if consensus is not reached. The Finance Ministry sent notifications to Cyprus first, and then to Luxembourg, Malta, and the Netherlands. Accords with Cyprus, Luxembourg, and Malta have already been revised. Russia’s Finance Ministry had several rounds of negotiations with the Netherlands, but they broke down. Company News Safmar Financial Investments cuts stake in RussNeft to 1.5% On May 20, 2021 it was disclosed that Safmar Financial Investments, a unit of investment holding Safmar, had reduced its stake in Russian oil company RussNeft to 1.5% from 11.107% on May 18. The shares remained within the perimeter of Safmar, they were transferred to a subsidiary. Inter RAO does not plan to revise dividend policy On May 21, 2021 a member of the board of directors of Russian power holding Inter RAO Yelena Sapozhnikova said that the company does not plan to revise its dividend policy encompassing payment of 25% of net profit calculated under International Financial Reporting Standards (IFRS). Sapozhnikova also said the company does not plan to pay interim dividends in the near future. Inter RAO will continue work on its option program in 2021–2022, but does not expect its introduction in 2022, she added. 1 Promsvyazbank to offer RUB 10 bln exchange bonds on June 3 On May 24, 2021 it was stated that Russia's Promsvyazbank plans to collect investors' bids for 3-year exchange bonds worth at least RUB 10 bln on June 3. The yield guidance amounts to no more than 145 basis points to 3-year OFZ. Technical placement is preliminarily scheduled for June 11. The issue carries semiannual coupons. Gazprombank, Credit Bank of Moscow, Otkritie Financial Corporation (FC) Bank, brokerage company Region, Russian Agricultural Bank and Sovcombank were appointed as the placement organizers. Former CEO of VSMPO-Avisma appointed to Norilsk Nickel On May 25, 2021 it was stated that Sergei Stepanov, a former CEO of Russian titanium giant VSMPO- Avisma, had been appointed as a senior vice president and director for production of metals giant Norilsk Nickel. Stepanov will be in charge of coordination of the mining and metallurgical production and geological survey of the company and its subsidiaries. Magnit sets coupon guide for RUB 10 bln bonds at 7.05% On May 26, 2021 it was reported that Russian retailer Magnit had set the final guidance for the first coupon’s rate of a RUB 10 bln 3-year exchange bond issue at 7.05% annually. The final guidance corresponds to an annual yield to maturity of 7.17%. The initial guidance was 7.25–7.35% annually, but it was reduced to 7.00– 7.10% during the bookbuilding. The issue carries semiannual coupons, and the technical placement was preliminary scheduled for June 2. VTB Capital, Gazprombank, Credit Bank of Moscow, Raiffeisenbank, brokerage company Region, and Sovcombank act as the organizers of the placement. Shareholders pledges stakes in Arctic LNG 2 to Sberbank On May 26, 2021 it was reported that Russian independent gas producer Novatek and its foreign partners had pledged their stakes in liquefied natural gas (LNG) producer Arctic LNG 2 to Sberbank as collateral. Earlier in the day, Novatek said in a statement that it pledged its 60% stake in Arctic LNG 2 with a face value of RUB 9.6 bln as collateral. Data of the Unified State Register of Legal Entities showed that all foreign partners of Novatek also pledged their stakes to Sberbank as collateral. Novatek said earlier that it planned to pledge its stake in Arctic LNG 2 as collateral in order to raise USD 11 bln of financing for the project. The company raised the first, EUR 3.11 bln tranche from Sberbank, Gazprombank, Bank GPB International S.A., VEB.RF, and Otkritie Financial Corporation Bank late April. The Arctic LNG 2 plant is expected to produce 19.8 mln tonnes of LNG per year. Novatek owns 60% in the plant, while France’s Total has 10%, China’s CNOOC and CNPC have 10% each, and Japan Arctic LNG, a consortium of Japan’s Mitsui and JOGMEC, has 10%. VTB management sees possible change in dividends on preferred shares On May 26, 2021 member of the management board of Russia’s second largest bank VTB Dmitry Pyanov told reporters that the bank does not rule out a possibility of changes to dividends on preferred shares and in the supervisory board. VTB Bank said in April that the annual general meeting of shareholders was scheduled for June 4. Pyanov pointed out that it was re-scheduled due to legal reasons as shareholders had to receive the detailed agenda 30 days ahead of the meeting. The supervisory board is to decide on what the final edition of the agenda would look like and what voting options would be there. Panov didn’t specify whether dividends on preferred shares would grow or shrink. He also stressed out that dividends on ordinary shares will likely remain the same. Ozon fully acquires Oney Bank from Sovcombank for RUB 615 mln On May 27, 2021 it was stated that Russian marketplace Ozon had closed a deal on the acquisition of 100% of Oney Bank from Sovcombank for about RUB 615 mln. The marketplace said the strategic goal of the deal is Ozon’s access to a banking license to develop financial products in accordance with the retailer’s requirements. Ozon also said the deal will expand the number and improve the quality of the financial services the company offers buyers and sellers. Sovcombank bought 100% of Oney Bank in 2020 without disclosing the sum of the deal. Dividends Gazprom board recommends paying RUB 12.55 per share in 2020 dividends On May 20, 2021 it was reported that the board of directors of Russian gas giant Gazprom had recommended paying RUB 12.55 per share in dividends for 2020 using undistributed profit of previous years. Gazprom said earlier the dividend payment could amount to RUB 297.1 bln, or 50% of adjusted net profit calculated under International Financial Reporting Standards (IFRS). The shareholders will consider the board’s recommendation at an annual general meeting on June 25. For 2019, Gazprom paid RUB 15.24 per share, or a total of RUB 360.784 bln, or 30% of IFRS net profit, in dividends. 2 Norilsk Nickel owners approve RUB 1,021 per share in 2020 dividends On May 20, 2021 it was stated that the shareholders of Russian metals giant Norilsk Nickel had approved paying RUB 1,021.22 per share, or a total of RUB 161.6 bln, in dividends for 2020. The record date is June 1. Interros of Vladimir Potanin holds 34.6% in Norilsk Nickel, while aluminum giant UC RUSAL owns 27.82%. Quadra board recommends paying no dividends for 2020 On May 20, 2021 it was stated that the board of directors of Russia’s Quadra Power Generation had recommended paying no dividends for 2020. The shareholders will consider the recommendation at an annual general meeting on June 25. Quadra has not paid dividends since 2012. Safmar Financial Investments may pay zero dividends for 2020 On May 24, 2021 it was stated that the board of directors of Safmar Financial Investments, part of financial group Safmar of Russian tycoon Mikhail Gutseriyev, had recommended paying no dividends for 2020. The shareholders will consider the recommendation at an annual general meeting scheduled for June 23. Safmar Financial Investments paid no dividends for 2014–2016 and for 2019, and it paid RUB 30.25 per share or a total of RUB 3.38 bln for 2017 and RUB 14.5 per share or a total of RUB 1.6 bln for 2018. TGC-1 board recommends paying RUB 0.001 per share in 2020 dividends On May 24, 2021 it was stated that the board of directors of Russian power producer Territorial Generating Company-1 (TGC-1) had recommended paying RUB 0.001 per share in dividends for 2020. The record date is July 5. Transmashholding board recommends paying no dividends for 2020 On May 24, 2021 it was reported that the board of directors of Russian railway equipment producer Transmashholding had recommended paying no dividends for 2020 and leaving the net profit undistributed. In 2020, the company’s net profit fell 29.6% to RUB 3.9 bln under Russian Accounting Standards and decreased 4.5% to RUB 23.2 bln under International Financial Reporting Standards.
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