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Company News SECURITIES MARKET NEWS SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 20, 2019 Issue No. 2019/22 Company News Pharmacy Chain 36.6 raises RUB 22.1 bln selling 73% of new shares On June 13, 2019 it was reported that Russia’s Pharmacy Chain 36.6 publicly sold 4.378 bln new shares, or 72.96% of the issue, to raise RUB 22.10 bln. Vladimir Nesterenko, the company’s CEO, stated that the funds would be used to finance current operation. Rostelecom holders change one member on board of directors On June 14, 2019 it was announced that shareholders of Russian state-controlled telecom operator Rostelecom reelected the board of directors on June 14 with Alexei Ivanchenko, deputy chairperson of state development bank VEB.RF replacing Mikhail Poluboyarinov, the bank’s first deputy chairperson. Nicolas Maure becomes chairman of AvtoVAZ board of directors On June 17, 2019 it was reported that shareholders of Russia’s largest carmaker AvtoVAZ elected Nicolas Maure, former CEO of the company and senior vice president and chairman of the Eurasia Region at Renault Group, as the chairman of the company’s board of directors. Maure will replace Sergei Skvortsov, former CEO of state industrial corporation Rostec. Renault Group’s CEO Thierry Bollore, Renault-Nissan’s Executive Vice President for Manufacturing Engineering and Supply Chain Management Jerome Olive, and state development corporation VEB.RF’s Deputy CEO Dmitry Kurdyukov left the board. Renault’s Executive Vice President for Sales and Regions Olivier Murguet, Renault-Nissan’s Vice President for Manufacturing, Process Engineering, and Supply Chain for Eurasia Jerome Moinard, and VEB.RF’s First Deputy CEO Nikolai Tsekhomsky were elected to the board. Arbitration court upholds share issue ban for Orient Express Bank On June 17, 2019 it was stated that the Arbitration Court of the Amur Region ruled on June 17 to uphold prohibition for Orient Express Bank to issue shares. On June 5, Artyom Avetisyan’s Finvision Holdings, a minority shareholder of Orient Express Bank, filed a lawsuit against a decision by the board of directors of the bank to raise capital by RUB 5 bln through placement of additional shares. On May 17, the Arbitration Court of the Amur Region ordered Evison Holdings Limited, which represents interests of fund Baring Vostok, to sell the 9.99% stake in Orient Express Bank to Finvision Holdings. The decision did not come in force but Finvision sent a motion for immediate fulfillment of the court order, and the motion was upheld by the court last week. Lukoil buys back RUB 1.1 bln shares, USD 31 mln GDRs June 10–14, 2019 On June 18, 2019 it was announced that Lukoil Securities Limited, a unit of Russian oil major Lukoil, paid RUB 1.132 bln to buy 217,892 shares and USD 30.7 mln to buy 382,753 global depositary receipts (GDRs) from the open market on June 10–14. Lukoil bought the securities at the weighted average price of RUB 5,169 per share and of USD 80.23 per GDR. In August 2018, Lukoil announced USD 3 bln buyback program that would be valid through December 30, 2022. Baring Vostok says stake in Orient Express Bank falls to 42.33% On June 19, 2019 it was reported that the stake of Cyprus-based Evison Holdings Limited, which represents interests of Baring Vostok fund, in Orient Express Bank fell to 42.33% from 52.49% voting shares. Baring Vostok said on June 18 that its units fulfilled a court order and an option to sell a 9.99% stake in the bank to Finvision company of businessman Artyom Avetisyan. In February, the Basmanny District Court of Moscow 1 arrested businessman Michael Calvey, founder of Baring Vostok, and five other defendants for two months over alleged 2.5 billion ruble embezzlement from Orient Express Bank. In April, Calvey was released under house arrest, and it was prolonged until July 14. Gazprom Neft board re-elects Gazprom CEO as chairman On June 19, 2019 the board of directors of Russian oil company Gazprom Neft re-elected CEO of gas giant Gazprom, Alexei Miller as its chairman. Director General of football club Zenit Alexander Medvedev, who had worked as Gazprom Deputy CEO before February, was also elected as a member of the board. Another former Deputy CEO Valery Golubev, former Director of a Gazprom department Vsevolod Cherepanov and former Director General of Zenit Sergei Fursenko left the board. Evraz shareholders to sell off 1.7% of company On June 19, 2019 shareholders of U.K.-based mining giant Evraz, which operates mainly in Russia, planned to sell off around 1.7% of the company's shares. Of the stake, 33% will be sold by Abiglaze Limited, a company of Alexander Abramov, 17% by Crosland Global Limited of Evraz CEO Alexander Frolov, 45% by Greenleas International Holdings of Roman Abramovich, and 5% of Toshi Holdings of Yevgeny Shvidler. The placement will be held in the form of accelerated bookbuilding. Citigroup Global Markets, Credit Suisse Securities (Europe) and UBS Europe are the organizers. Dividends/coupons Mosenergo shareholders approve RUB 0.21 per share in dividends for 2018 On June 13, 2019 shareholders of Russia’s power utility Mosenergo approved paying RUB 0.21004 per share in dividends for 2018. The company will totally pay RUB 8.32 bln, which accounts for 35% of the Russian Accounting Standards (RAS) net profit in the year. The record date is July 2. Gazprom Neft to boost dividends to 50% of IFRS net profit On June 14, 2019 it was reported that Russian oil company Gazprom Neft plans to increase dividends to 50% of the International Financial Reporting Standards (IFRS) net profit. CEO Alexander Dyukov said that it was a medium-term goal. The company does not plan a share buyback to raise the market capitalization. First Vice President Alexei Chichkanov said that the company plans to raise the portfolio of public private partnership projects by 50% at least by the end of the year. The current portfolio stands at about RUB 100 bln. Rostelecom owners approve final dividends for 2018 at RUB 2.5 per share On June 14, 2019 shareholders of Russian state-controlled telecom operator Rostelecom approved final dividends for 2018 at RUB 2.5 per ordinary and preferred share, or RUB 6.961 bln in total. The company earlier paid for the first time interim dividends for January-September 2018 of RUB 2.5 per share of each type. The total amount of dividends for 2018 will be RUB 13.9 bln, or 93% of the net profit calculated under International Financial Reporting Standards, or RUB 5 per share of each type. Rostelecom paid RUB 14.05 bln in dividends for 2017, or RUB 5.05 per share of each type. Gazprom Neft to pay RUB 30 per share in dividends for 2018 On June 14, 2019 shareholders of Russian oil company Gazprom Neft approved paying RUB 30 per common share, or a total of RUB 142.23 bln in dividends for 2018. The record date for the dividends is July 1. The payment will account for 37.8% of the company’s net profit for the year as calculated under International Financial Reporting Standards (IFRS). Gazprom Neft paid RUB 71.1 bln in dividends for 2017, which accounts for 28.1% of the IFRS net profit for the year. Gas giant Gazprom owns 95.68% in Gazprom Neft. MOESK to pay RUB 0.059 per share in dividends for 2018 On June 14, 2019 shareholders of Moscow United Electric Grid Company (MOESK), part of Russian power grid operator Rosseti, approved payment of RUB 0.059 per common share in dividends for 2018. The record date is June 25. For 2017, MOESK paid RUB 0.0316 per share, or a total of RUB 1.54 bln, in dividends. NCSP to pay 50 kopecks per share in final dividends for 2018 On June 14, 2019 shareholders of Russia’s Novorossiysk Commercial Sea Port (NCSP) approved paying 50 kopecks per share, or a total of RUB 9.63 bln, in final dividends for 2018. The company earlier paid RUB 5.1 bln, in dividends for January-September 2018 and RUB 10 bln for January-June 2018 using undisbursed profit for 2017. Taking into account the final dividends, the combined payout for the year accounts for 98.4% of NCSP’s net profit as calculated under Russian Accounting Standards (RAS). Rashid Sharipov, chairman of NCSP’s board of directors and vice president of oil pipeline monopoly Transneft, said in January that 2 NCSP planned to pay no interim dividends in 2019. Transneft owns 62% in NCSP, the Federal State Property Management Agency holds 20%, subsidiaries of Russian Railways own 5.3%, and the rest is free- float. Raiffeisenbank shareholders decide against dividends for 2018 On June 14, 2019 shareholders of Raiffeisenbank, a Russian unit of Raiffeisen Bank International, voted against paying dividends for 2018. The bank paid no dividends for 2017 but in March 2019, the shareholder of the bank decided to allocate RUB 6.842 bln from the undistributed net profit for 2017 in dividends. NCSP to mull formalizing payment of 50% of net profit in dividends On June 14, 2019 Rashid Sharipov, vice president of oil pipeline monopoly Transneft and a member of the board of directors of Russia’s Novorossiysk Commercial Sea Port, stated that NCSP would consider amending its dividend policy formalizing payments of 50% of its net profit in dividends. The shareholders of NCSP approved payment of RUB 9.63 bln in final dividends for 2018, and Sharipov said that the sale of Novorossiysk Grain Terminal to Russia’s second largest bank VTB made that payment possible.
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