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SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody September 21, 2017 Issue No. 2017/36 Company News Otkritie FC Bank buys 61% in Rosgosstrakh Bank, 100% in Bank Trust On September 14, 2017 it was reported that Russia’s Otkritie Financial Corporation (FC) Bank acquired a 60.51% stake in Rosgosstrakh Bank and almost 100% in Bank Trust. The deals took place in late August. The central bank said in late August it would bail out troubled Otkritie FC Bank and become its investor using funds of the banking sector consolidation fund, the newly-created mechanism. The regulator’s representatives said earlier that a purchase of insurance company Rosgosstrakh and a bailout of Bank Trust were among reasons that worsened situation at Otkritie FC Bank. The central bank allocated RUB 127 bln of loans for the bailout of Bank Trust, but in late 2015, Otkritie FC Bank asked for another RUB 50 bln. Owners of Promsvyazbank, Vozrozhdenie Bank to mull merger by October 26, 2017 On September 15, 2017 it was reported that shareholders of Russian banks Promsvyazbank and Vozrozhdenie would consider their merger at extraordinary general meetings of the banks and submit their ballots by October 26. Vozrozhdenie Bank became part of Promsvyazcapital B.V., the parent holding of Promsvyazbank, in 2015, and the two banks have been carrying out integration processes since then, including a switch to a common operating and technical platform, centralization of back-office functions, unification of product line, and lining up of cross-sales. Shareholders of the two banks will discuss the reorganization in the form of incorporation of Vozrozhdenie Bank into Promsvyazbank. Promsvyazbank was Russia’s 10th largest bank by assets as of August 1, while Vozrozhdenie Bank ranked 33rd largest bank. Nordgold shareholders approve USD 19 mln buyback of shares On September 18, 2017 it was announced that the meeting of shareholders of gold mining company Nordgold approved buying back USD 19 mln shares. In August, Nordgold said it had offered to buy back 5,565,988 shares of minorities at USD 3.45 per paper, or a total of USD 19.203 mln. In March, it said it completed delisting of its global depositary receipts (GDRs) from the London Stock Exchange (LSE), it offered to buy the GDRs at USD 3.45 per security and said it could spent a total of up to USD 118 mln on the buyback. AIZhK board approves RUB 2 bln extra share issue On September 19, 2017 the supervisory board of Russia’s Agency for Housing Mortgage Lending (AIZhK) approved an additional share issue for RUB 2 bln. The issue, comprising 800,000 shares with a par value of RUB 2,500 each, will be acquired by the Federal State Property Management Agency. B&N Bank board approves boosting capital via extra share offering On September 19, 2017 the board of directors of Russia’s B&N Bank approved raising the charter capital through offering 169,143 additional shares with a face value of RUB 1 each. The offering will be carried out in the form of conversion of common shares or Uralprivatbank into additional shares of B&N Bank under a merger of the banks. Shareholders of B&N Bank decided to merge it with small Uralprivatbank, which has been part of B&N Bank’s group for several years, on August 31. Core owners of B&N Bank are Mikail Shishkhanov and Mikhail Gutseriyev with a combined stake of 96.452%. 1 Unit sells 4.94% Aeroflot shares at RUB 182 per share On September 20, 2017 it was reported that Aeroflot-Finance, a unit of national flagship carrier Aeroflot, completed selling 53.716 mln common shares, or 4.84% in the parent company, through accelerated book building at a price of RUB 182 per share. The company’s free float rose to 45.8% as a result of the deal. The net revenue from the sale will amount to around RUB 9.8 bln, which will be used for general corporate purposes. Uralvagonzavod to offer RUB 15 bln extra shares privately On September 20, 2017 it was stated that Russia’s state industrial corporation Rostec, the owner of railway equipment and tank maker Uralvagonzavod (UVZ), would boost the unit’s charter capital by RUB 15 bln through a private offering of additional shares. The company will offer 15 mln common shares at par privately to the state acting through the Federal State Property Management Agency and Rostec, and to Rostec, and to be paid in ruble cash. Central bank revokes license from small Moscow-based bank On September 21, 2017 it was announced that the central bank revoked a banking license from Moscow- based commercial bank Arsenal, ranked 495th by assets as of September 1. The bank did not comply with federal banking regulations, including laws concerning money laundering and financing terrorism. The bank was also involved in dubious transit operations, had a risky business model, and posed a real threat to interests of its creditors and depositors. The bank is a member of the deposit insurance system, which means that each depositor may receive up to RUB 1.4 mln in compensation. Payments to depositors will start no later than on October 5. Central bank to bail out B&N Bank, sets no creditor demand moratorium On September 21, 2017 the central bank has decided to bail out Russia’s 11th largest bank B&N Bank and its affiliate Rost Bank, setting no moratorium on creditor demand fulfillment. Interim administrations including employees of the central bank and of the banking sector consolidation fund were appointed at B&N Bank and Rost Bank. The bank and its affiliates Rost Bank, B&N Bank digital and Uralprivatbank will continue to operate normally, fulfilling their liabilities and signing new deals. The central bank will be ensuring the continuity of their activities. The central bank decided to provide financial aid to B&N Bank to support its liquidity on September 20. Earlier that day, co-owner of B&N Bank Mikail Shishkhanov said that the bank was in active negotiations on its bailout with the central bank and admitted that the bank did not cope with troubles of its affiliates Rost Bank and MDM Bank. Shishkhanov told channel Rossiya 24 that the financial recovery of the bank would take three to eight months. He said that some of the assets of B&N Bank could be sold in case of need. Dividends/coupons Moscow Exchange holders approve RUB 5.6 bln in January-June 2017 dividends On September 14, 2017 shareholders of the Moscow Exchange approved paying RUB 2.49 per share, or a total of RUB 5.67 bln, in dividends for January-June. The dividends will be paid no later than on November 2. The payment will account for 55.04% of the bourse’s net profit calculated under International Financial Reporting Standards. The Moscow Exchange’s major shareholders include Russia’s central bank with an 11.8% stake, Sberbank with 10%, Vnesheconombank (VEB) with 8.4%, and the European Bank for Reconstruction and Development (EBRD) with 6.1%. Rusagro holders approve paying RUB 1.9 bln in January-June 2017 dividends On September 15, 2017 shareholders of Russian agricultural holding Rusagro approved paying RUB 1.862 bln, or RUB 69.2 per share and RUB 13.84 per a global depositary receipt (GDR), in dividends for January- June. The company said it will pay dividends in U.S. dollars. Rusagro’s net profit dropped 89% on the year to RUB 226 mln in January-June, as calculated under International Financial Reporting Standards (IFRS). The company paid RUB 2.004 bln in dividends for January-June 2016. The family of Russian businessman Vadim Moshkovich owns around 70.7% in Rusagro, 1.6% is treasury shares and free-float accounts for 20.7%. 2 Polyus holders approve RUB 104.3 per share in dividends for January-June 2017 On September 18, 2017 shareholders of Russia's largest gold producer Polyus approved paying RUB 104.3 per common share in dividends for January-June. The record date is September 25. The company’s net profit remained flat on the year at RUB 34.96 bln in the period, as calculated under International Financial Reporting Standards (IFRS). Companies of Suleiman and Said Kerimov are beneficiary owners of Polyus. Severstal holders approve RUB 22.28 per share in dividends for April-June 2017 On September 18, 2017 shareholders of Russia’s steelmaker Severstal approved paying RUB 22.28 per common share, or a total of RUB 18.66 bln, in dividends for April-June, a 13% rise on the year. The record date is September 26. The company paid RUB 24.44 per share, or RUB 20.5 bln, in dividends for January- March. Alexei Mordashov, chairman of the board of directors, indirectly holds 79.2% in Severstal. ALROSA not to cut 2017 dividends below 50% of IFRS net profit On September 20, 2017 Sergei Ivanov, CEO of Russian uncut diamond mining giant ALROSA, stated that the company sees no reason to pay less than 50% of the net profit calculated under International Financial Reporting Standards (IFRS) in dividends for 2017. The Mir mine of ALROSA was flooded on August 4. Rescuers brought 143 out of 151 miners to the surface and stopped the rescue operation on August 28. The mine’s operation has been shut down. The Mir mine accounted for about 9% of the company’s combined production in 2016 and for almost 11% in January-June 2017. ALROSA paid RUB 8.93 per common share or a total of RUB 65.769 bln, in dividends for 2016, and RUB 2.09 per share or RUB 15.392 bln in dividends for 2015.
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