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Market News Company News SECURITIES MARKET NEWS SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 17, 2021 Issue No. 2021/22 Market News Central bank cancels auction for RUB 170.4 bln and RUB 68.26 bln of coupon bonds On June 15, 2021, as seen by reporters in the regulator’s materials, the Russian central bank had cancelled two auctions - for RUB 170.358 bln and RUB 68.256 bln of coupon bonds due to a lack of bids. The settlement date was scheduled for June 16, and the repayment dates were fixed for September 8 and July 14 respectively. Finance Ministry places RUB 24 bln of OFZ bonds On June 16, 2021 it was stated that during the day at an auction` the Russia’s Finance Ministry had placed RUB 24.111 bln of OFZ 26239 government bonds with a fixed coupon maturing in July 2031. The cut-off price amounted to 97.96% and the weighted average price stood at 98.0318%. The weighted average yield amounted to 7.3% and the cut-off yield to 7.31%. Demand totaled RUB 44.87 bln. Single dividends approach to raise state firms’ investment attractiveness On June 16, 2021 it was stated that the government had approved a unified approach to the dividend policy of state companies, under which dividends will amount to at least 50% of adjusted net profit. Finance Minister Anton Siluanov told reporters that a single approach to the dividend policy of state companies will increase budget revenues and raise the investment attractiveness of Russian shares. Siluanov added that that the new approach will help lay the foundation for the privatization of assets and bring state-owned joint stock companies to an initial public offering (IPO). Company News VEON holders change 3 members on board of directors On June 10, 2021 it was stated that shareholders of Amsterdam-based telecom holding VEON, the sole owner of Russian mobile operator VimpelCom, had decided to change three members on the board of directors. The new members are Vasily Sidorov, Irene Shvakman, and Sergi Herrero, who is currently serving as co-chief executive officer of VEON and will step down in June. The shareholders left the other nine members – Hans-Holger Albrecht, Leonid Boguslavsky, Mikhail Fridman, Gennady Gazin, Yaroslav Glazunov, Andrei Gusev, Gunnar Holt, Stephen Pusey, and Robert Jan van de Kraats Atomenergoprom to collect bids for RUB 10 bln bonds on June 22 On June 10, 2021 it was reported that Atomenergoprom, part of Russia’s state nuclear corporation Rosatom, plans to collect bids for a debut issue of RUB 10 bln 5-year green exchange bonds. The raised funds will be used to refinance construction of 660 megawatt (MW) of wind power plants. The issue will carry semiannual coupons. The technical placement is preliminarily scheduled for June 25. Alfa-Bank, VTB Capital, Gazprombank, Credit Bank of Moscow, Otkritie FC Bank, Russian Agricultural Bank, Sovcombank and Sberbank CIB are the organizers. 1 Kamaz plans to offer RUB 3 bln exchange bonds in July On June 11, 2021 it was reported that Russian truck producer Kamaz plans to offer at least RUB 3 bln of exchange bonds in July. The coupon guidance and the date of the placement will be announced later. The issue will carry quarterly coupons. Sovcombank will act as the organizer. TCS Group buys 5% in SPB Exchange from NP RTS On June 11, 2021 it was stated that Russia’s TCS Group had acquired 5% in Saint-Petersburg Exchange (SPB Exchange) from Nonprofit Partnership for Development of the RTS Financial Market (the NP RTS Association). TCS Group said earlier in June that it had agreed to buy up to 7.5% in the exchange from NP RTS. Sberbank executive Buriko joins Mail.ru Group’s board of directors On June 15, 2021 it was disclosed that Shareholders of Russian Internet company Mail.ru Group had elected a new board of directors, which was joined by Sberbank Senior Vice President Alexandra Buriko. Buriko replaced Sberbank First Deputy Chairperson Lev Khasis on the board. Car producer Sollers Group renamed Sollers Auto On June 15, 2021 it was stated that Russian carmaker Sollers Group of businessman Vadim Shvetsov had been renamed Sollers Auto, because its holding company started developing new businesses linked to mobile services. The decision was made at a general meeting of the shareholders. Sistema extends share buyback program to RUB 7 bln On June 15, 2021 it was stated that Russian multi-industry holding Sistema had raised the volume of its share buyback program to RUB 7 bln and extended it until September 17, 2022. As of June 11, the company’s 100% subsidiary bought back 128.8 mln shares for RUB 1.9 bln. The maximum number of shares bought back since the start of the program should not exceed 343 mln. RUSAL says to sell Norilsk shares, stake to stay at 25% + share On June 15, 2021 it was stated that Russian aluminum producer UC RUSAL would participate in a buyback of shares of metals giant Norilsk Nickel, but expects its stake to remain above 25% plus one share. The company will participate in the repurchase of Norilsk Nickel shares to raise additional funds to finance its own investment program. In particular, RUSAL is currently completing construction of the Taishet aluminum smelter. The decrease of RUSAL’s stake will be partially compensated by cancellation of the majority of the shares bought back by Norilsk Nickel. Regardless of the outcome of the buyback, RUSAL expects its stake in the metals giant to remain above a blocking share. In April, the core Norilsk Nickel shareholders agreed to support a buyback of up to USD 2 bln of shares until 2022. The board approved a buyback of up to 5,382,865 shares, or 3.4% of the issued capital, at RUB 27,780 apiece. Interros of tycoon Vladimir Potanin holds 34.6% in Norilsk Nickel, while RUSAL owns 27.82%. Sistema has no plans for Medsi, Steppe, Binnopharm 2021 IPO On June 15, 2021 President of Russian multi-industry holding Sistema Vladimir Chirakhov said that the company had no plans to hold initial public offering (IPO) of affiliates Medsi, Steppe and Binnopharm Group in 2021. He added that they would decide on a possible IPO at the beginning of next year. According to Chirakhov the three companies are ready for an IPO. The official also said that Sistema has no plans to sell the shares of timber holding Segezha Group. VEON buys major stake in AdTech platform OTM On June 16, 2021 it was stated that Amsterdam-based VEON, the sole owner of mobile operator VimpelCom, had acquired a majority stake in Russian firm OTM, the owner of a technological platform of automation and planning of Internet advertisements purchase. It was mentioned that the acquisition of OTM will significantly strengthen the presence of the VEON group on the AdTech market, and OTM will remain an independent operating company led by the current management. In the future, it is planned to expand the geography of OTM’s work on the markets where VEON’s firms work. In addition to developments in AdTech, OTM has a strong team of traders and can run advertising campaigns of any level of difficulty on its own. 2 Positive Technologies to hold IPO in Russia in late 2021–early 2022 On June 16, 2021 it was stated that Cybersecurity company Positive Technologies would hold an initial public offering (IPO) in Russia at the end of 2021 or early 2022. To promote its floatation, Positive Technologies took on lease a Telegram channel on startups and venture business, Russky Venchur, which has been the first case for a commercial company to do it. The company will talk about the cybersecurity market, its investment attractiveness, and the financial opportunities that will open for the participants of the company’s placement on the bourse on the platform. Marketing and Corporate Communications Director Vladimir Zapolyansky said the company’s IPO model is unique Positive Technologies wants to create a solid community of investors-individuals before the placement. Gazprom mulls no SPO, no issues of additional preferred shares On June 16, 2021 Deputy CEO of Russian gas giant Gazprom Famil Sadygov said in a news conference that Gazprom is not considering a secondary public offering (SPO), or an additional issue of preferred shares. Gazprom is not considering a share issue as an additional source of financing of the social program for development of gas infrastructure, he added. Katren buys 24% in Erkapharm, can consolidate controlling stake On June 16, 2021 it was stated that Russian distributor of pharmaceuticals Katren had purchased a 24% stake in Erkapharm and plans to consolidate a controlling stake as the next stage after receiving agreement of the Federal Antimonopoly Service and passing all necessary procedures. Erkapharm CEO Anastasyia Karpova said that synergy will cut the time of payment to distributors, ensure lower prices, and improve online services. Acron board approves buyback of 10% of shares at RUB 6,050 apiece On June 17, 2021 it was disclosed that the board of directors of Russian fertilizer producer Acron had approved buying back up to 10% of the company’s issued capital, or 4.053 mln shares, at RUB 6,050 apiece for up to RUB 24.523 bln. The shareholders can offer their shares for buyback from July 8 through August 8, and the payment will be transferred until August 21. MTS’ board approves new management appointments On June 17, 2021 it was stated that the board of directors of Russian mobile operator MTS had approved the appointment to the management board of Pavel Voronin as vice president for technology and Farid Kamalov as vice president for retail development.
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