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Company News SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody August 15, 2019 Issue No. 2019/30 Company News Rosneft representative to enter Rosgeo’s board of directors On August 8, 2019 it was reported that Prime Minister Dmitry Medvedev had approved a list of candidates for the board of directors of state-owned geological exploration company Rosgeo, which includes oil major Rosneft’s Vice President Andrei Lazeyev. The list also includes current CEO of the company Sergei Gorkov, who is to occupy the board chair of former CEO Roman Panov, and four current members – Deputy Prime Minister Alexei Gordeyev, Natural Resources and Environment Minister Dmitry Kobylkin, Deputy Finance Minister Andrei Ivanov, and gas giant Gazprom’s Deputy CEO Sergei Khomyakov. The list also includes Medvedev’s aide Ruslan Bazdyrev, who previously was a member of the board, while current board members Vladimir Strzhalkovsky, a special representative of state nuclear power corporation Rosatom, and Yury Malyshev, director of the State Geology Museum, will leave the board. Sberbank sells 10% in Mikhailovsky GOK of Metalloinvest On August 8, 2019 it was announced that Cyprus-registered Sberbank Investments Limited, a subsidiary of Russian top bank Sberbank, sold 10.00003% in the Mikhailovsky GOK mining and processing plant of metals holding Metalloinvest. Other details of the deal were not disclosed. Sberbank bought the stake in August 2018, and a Metalloinvest representative said then that the company planned to use the money from the sale to repay the debt of Metalloinvest to Sberbank. Aeroflot to sell 4.3% treasury shares to subsidiary On August 9, 2019 the board of directors of Russian national flagship carrier Aeroflot approved selling 4.3% treasury shares to unit Aeroflot-Finance. The company will sell 47,817,796 shares to the subsidiary. The government currently holds 51.2% in Aeroflot, while state industrial corporation Rostec has 3.5%, institutional investors own 34.8%, individuals have 5.6%, and the management holds 0.1%. Rosgosstrakh says 3 top managers leave company On August 12, 2019 it was announced that the board of directions of Russian insurer Rosgosstrakh decided to terminate powers of three top managers on August 9. According to the statement, the three top managers are Vyacheslav Vorobyov, first deputy CEO in charge of retail and partnership insurance, regional and digital businesses; Kirill Brovkovich, head of the corporate insurance division; and Dmitry Pursanov, head of the car insurance division. Brovkovich stated that he planned to continue working in the insurance industry after leaving Rosgosstrakh, and that he was interested in managing joint Russian–Chinese projects. STLC reelects Deputy PM Akimov as chairman of board of directors On August 12, 2019 Russia’s State Transport Leasing Company (STLC) reelected Deputy Prime Minister Maxim Akimov as the chairman of the company’s board of directors. On August 9, the company said it would reduce the number of directors to eight from nine, and Alexei Taicher, former advisor to the CEO of Russian Railways, left the board. All other members of STLC’s board of directors kept their chairs. Court upholds immediate sale of 9.99% in Orient Express Bank On August 14, 2019 the Sixth Arbitration Court of Appeals in the city of Khabarovsk turned down a claim by Evison Holdings Limited, which represents interests of fund Baring Vostok, against an earlier court ruling to sell immediately a 9.99% stake in Orient Express Bank to Finvision of businessman Artyom Avetisyan. In February, the Basmanny District Court of Moscow arrested businessman Michael Calvey, founder of Baring 1 Vostok, and five other defendants for two months over alleged RUB 2.5 bln embezzlement from Orient Express Bank. In April, Calvey was released under house arrest, and it was prolonged until July 14. On May 17, the Arbitration Court of the Amur Region ordered Evison Holdings Limited, which represents interests of fund Baring Vostok, to fulfill a 2016 call option and to sell the 9.99% stake in Orient Express Bank to Avetisyan’s Finvision Holdings. In June, Baring Vostok gave the stake to Finvision but sent an appeal against the court decision. Mosenergo, WGC-2 sign share exchange deal On August 14, 2019 it was reported that Russian power producer Mosenergo and Wholesale Generating Company-2 (WGC-2), affiliates of Gazprom Energoholding, signed a share swap agreement. WGC-2 spent about RUB 319 mln and Mosenergo about RUB 2.1 bln on the deal. In July, Mosenergo’s board of directors approved the sale of 140,229,451 shares in it and the purchase of RUB 4.296 bln shares in WGC-2. The board of directors of WGC-2 approved the reverse deal. Gazprom Energoholding said that WGC-2 and Mosenergo might swap their treasury stakes, and then sell them on the open market. Gazprom Energoholding, a 100% subsidiary of Gazprom, holds 53.5% in Mosenergo and 73.4% in WGC-2. Inter RAO board of directors to mull new strategy in May 2020 On August 14, 2019 Alexei Maslov, head of the company’s strategy and investment block at Russian power holding Inter RAO, said that the company’s board of directors would consider a draft of new strategy and an incentive program for management in May 2020. The board will consider the incentive program in the context of the new strategy, and the company is now forming approaches to the program. Some elements of the stock option program may be reflected in the long-term incentive program that the board is to discuss at the end of this year and at the beginning of next year. In June, Inter RAO said it was preparing a new incentive program for top managers that would include payments of rewards or parts of rewards with shares in the company. The current mid-term strategy of the company was approved in 2014 and is in effect until 2020 with an outlook until 2025. VTB Bank places RUB 19 bln worth of 1-day bonds On August 14, 2019 Russia’s second largest bank VTB placed RUB 19 bln worth of 1-day exchange bonds out of RUB 75 bln offer on the Moscow Exchange. VTB offered the bonds at 99.9816%, which corresponds to a 6.72% annual yield to maturity. Banks struck 439 deals during the auction. The bank placed its debut RUB 3 bln issue of the bonds on October 24, 2016. VimpelCom to hold EGM to re-elect board of directors on October 17, 2019 On August 15, 2019 it was stated that the board of directors of Russian mobile operator VimpelCom scheduled an extraordinary general meeting for October 17 to re-elect board members because Trond Westlie, chief financial officer of VimpelCom’s sole owner, VEON, plans to quit in September. The list of candidates to the board contains one new name, VEON Manager Hendrik Jan de Groot. All the other candidates are the current members. Fitch upgrades Mosenergo rating to BBB with stable outlook On August 15, 2019 international rating agency Fitch has upgraded the issuer default rating (IDR) of Russian power utility Mosenergo to BBB from BBB- with a stable outlook following the upgrade of the rating of gas giant Gazprom, Mosenergo’s majority shareholder. Mosenergo's standalone credit profile reflects the company's strong business and financial profiles, which are supported by a consistent regulatory environment for electricity generation as well as predictable cash flows and solid credit ratios. Dividends/coupons Gazprom Neft to get smaller Arktikgaz dividends for July–December 2019 On August 8, 2019 Alexei Yankevich, Deputy CEO for economy and finance at Russian oil company Gazprom Neft, said that the company expected that its joint venture with Novatek Arktikgaz would pay dividends in July–December but the amount would be lower than in January–June. Arktikgaz announced RUB 77 bln in dividends in April. Sovcombank board recommends paying RUB 2.3 bln in dividends On August 12, 2019 the supervisory board of Sovcombank recommended paying RUB 2.3 bln from undistributed profit of previous years in dividends on common shares. The payment will amount to RUB 0.1168 per common share. The record date is September 26, and the payment will be performed until October 8. 2 MTS completes full-year 2018 dividend payment On August 13, 2019 it was reported that major Russian mobile operator MTS completed payment of dividends based on the full-year 2018 financial results. The final dividend amounted to RUB 19.98 per ordinary share and RUB 39.96 per American depositary receipt (ADR), or RUB 39.9 bln in total. 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. The information should not be further distributed or duplicated in whole or in part by any means without the prior written consent of VTB Bank (PJSC). The information contained herein has been prepared on the basis of information which is either publicly available or obtained from a source which VTB Bank (PJSC) believes to be reliable at the time of publication. Information provided herein may be a summary or translation.
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