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Company News SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody March 21, 2019 Issue No. 2019/11 Company News VTB makes buyout offer to Vozrozhdenie Bank at RUB 481.7 per share On March 14, 2019 it was stated that Russia’s second largest bank VTB made a mandatory offer to buy out shares of Vozrozhdenie Bank from the minority holders at RUB 481.68 per security. In February, VTB Bank said it had increased its stake in the bank to 96.3% from 85%. MTS buys back 0.1354% of stock under repurchase program On March 15, 2019 it was reported that major Russian mobile operator MTS bought back 2,706,316 shares, both common stock and American depositary receipts (ADRs), representing 0.1354% of its capital, through its wholly-owned subsidiary, Bastion LLC. The operator’s common shares closed at RUB 259.30 on March 14 in Moscow and its ADRs at USD 8.09 in New York. Bastion LLC purchases MTS shares under a repurchase plan launched on July 2, 2018 and since then has acquired 91,111,090 shares, or 4.5592% of MTS’ capital. This includes 43,740,538 common shares acquired from Sistema Finance under a sale and purchase agreement concluded prior to the launch of the repurchase plan. MTS intends to buy back its stock for up to RUB 30 bln starting from July 2, 2018 during two years. ChelPipe shareholders approve buyback program at RUB 114.42 per share On March 15, 2019 shareholders of Russia’s Chelyabinsk Pipe-Rolling Plant, or ChelPipe, approved reduction of the company’s charter capital through a buyback of up to 175 mln shares, or 37% of the capital. The buyback price is set at RUB 114.42 per share. The shareholders may submit bids to sell off their securities from April 5 through May 6. The shares will be paid in cash no later than on May 21. The company may spend around RUB 20 bln on the program. Novatek buys back 250,580 common shares on March 11-15, 2019 On March 18, 2019 it was reported that Russian independent gas producer Novatek bought back 250,580 common shares, including in the form of global depositary receipts (GDRs), on the open market on March 11-15. Novatek resumed buying back its shares with 385,487 common shares after a 4-month break in early March. In May 2018, the board of directors extended a USD 600 mln buyback program until June 7, 2019. Under the program, the company will buy its shares and GDRs via its unit Novatek Equity (Cyprus) Limited. Official says Promsvyazbank, Sviaz-Bank merger possible in 2019 On March 18, 2019 Alexei Moiseyev, Deputy Finance Minister, said that Promsvyazbank can acquire Sviaz- Bank in 2019 if VEB.RF and the central bank agree. The government is creating a bank to handle defense order contracts in conditions of Western sanctions on the basis of Promsvyazbank, which has been bailed out by the central bank since December 2017. Sviaz-Bank, a unit of VEB.RF, should be transferred to Promsvyazbank without bad assets, Moiseyev said earlier. Otkritie FC department director heads UWC board of directors On March 19, 2019 the board of directors of Russian rail car producer United Wagon Company (UWC) elected Director of one of Otkritie Financial Corporation (FC)’s departments Alexander Sokolov as chairman. Sokolov replaced Vice President of East Mining Company Andrei Motovilov in the position. 1 Lukoil buys back RUB 3.3 bln shares, USD 80.77 mln GDRs on March 11-15, 2019 On March 19, 2019 it was reported that Lukoil Securities Limited, a unit of Russian oil major Lukoil, paid RUB 3.34 bln to buy 596,401 shares and USD 80.767 mln to buy 948,413 global depositary receipts (GDRs) from the open market on March 11-15. Lukoil bought the securities at a price of RUB 5,590 per share and of USD 85.16 per GDR. In August 2018, Lukoil announced USD 3 bln buyback program that would be valid through December 30, 2022. Evraz shareholders sell 1.8% of shares for USD 200 mln On March 19, 2019 it was stated that shareholders of U.K.-based mining giant Evraz, which operates mainly in Russia, sold 25.4 mln shares, or 1.8% of the voting rights, of the company for USD 200 mln, or at GBP 5.95 apiece. On March 18, Evraz said that companies, indirectly owned by Russian businessmen Roman Abramovich, Alexander Abramov, Alexander Frolov, planned to sell the 1.8% stake. Cherkizovo Group eyes SPO, free float may rise to 25% On March 19, 2019 it was reported that Russian meat producer Cherkizovo Group plans to make a secondary public offering (SPO) on the Moscow Exchange, which could result in its free float rising to at least 25%. The primary component of the SPO will consist of 2,916,759 (6.6%) treasury shares owned by the company and new shares that are expected to be issued by the company after the offer as an additional issue. The company expects to raise around USD 200 mln and use it for general corporate goals. The secondary component will consist of shares offered by existing shareholders. The group’s shares fell 14.6% to RUB 1,760 per share as of 11:05 a.m. on the Moscow Exchange after announcement of the SPO plans. A financial source said that premarketing and share placement by Cherkizovo Group would take around four weeks. Meetings with investors will be held in Moscow, London and the U.S. Sberbank’s supervisory board nominates Gref as CEO candidate On March 19, 2019 the supervisory board of Russia’s top bank Sberbank approved CEO German Gref for the position of president. Gref whose current contract expires in December, has been CEO of the bank since 2007. TMK may expand buyback program On March 19, 2019 Vladimir Shmatovich, Deputy CEO for Strategy at Russian pipe producer TMK, said that the company did not rule expanding its share buyback program. In September 2018, the board of directors of TMK approved a program to buy back up to USD 30 mln of shares in the company until the end of 2019. The maximum buyback amount should reach 29.27 mln common shares and 7.317 mln global depositary receipts (GDRs). Chairman of TMK’s board of directors Dmitry Pumpyansky is the core shareholder of the company. MegaFon says ends 20.36% capital buyback from minority holders On March 19, 2019 it was announced that MegaFon Finance, a subsidiary of large Russian mobile operator MegaFon, finished the purchase of 126,246 mln common shares of its parent company, or 20.36% of capital, from minority holders under an offer. The buyback price was set at RUB 659.26, or RUB 83.229 bln for the whole programme. MegaFon Finance cancelled the operator’s global depositary receipts and withdrew from the London Stock Exchange in October 2018. It later submitted a mandatory offer for the buyback to the central bank. The offer was valid for 70 days since December 28, 2018 and expired on March 7. Rosbank, DeltaCredit to merge till June 1, 2019 On March 20, 2019 Ilya Polyakov, CEO of Rosbank, said that Rosbank and DeltaCredit, Russian subsidiaries of French banking group Societe Generale, would merge until June 1. The mortgage business of the united bank will be named Rosbank Dom. Earlier in the day, Rosbank and DeltaCredit said that they made a decision to merge. Polyakov also said that Rosbank continues to develops synergy with Societe Generale’s another local subsidiary intended for automobile lending, Rusfinance Bank. X5 Retail board suggests re-electing Shekhterman as CEO On March 20, 2019 the supervisory board of Russian grocery retailer X5 Retail Group suggested prolonging the term of CEO Igor Shekhterman for two more years to end at the date of the annual general meeting of shareholders in 2021. Gazprom appoints department head Menshikov into management board On March 20, 2019 the board of directors of Russian gas giant Gazprom appointed Sergei Menshikov, head of the company’s production department, as a member of the company’s management board for five years. Menshikov was appointed as the head of the production department earlier in March. He had occupied the CEO position at Gazprom’s subsidiary Gazprom Dobycha Nadym since 2008. 2 MegaFon to settle issue with delisting from Moscow Exchange by September 2019 On March 21, 2019 it was announced that Russian mobile operator MegaFon expects a decision on its delisting from the Moscow Exchange, where it has 0.8% of its shares left, to be made by September. MegaFon announced a tender offer for its ordinary shares and global depositary receipts in July 2018 and delisted from the London Stock Exchange in October the same year. As a result of the offer, the operator’s wholly-owned subsidiary MegaFon Finance became legally obliged to make a mandatory tender offer to all remaining shareholders, holders of 131.2 mln ordinary shares or 21.16% of the capital. Upon expiration of the offer on March 7, MegaFon Finance bought back 126.2 mln shares, or 20.36% of the capital. MegaFon Finance holds 42.88% of its parent company’s shares or 99.2% together with its affiliates. Dividends/coupons Rusagro board recommends paying RUB 3.45 bln in July-December 2018 dividends On March 14, 2019 the board of directors of Russian agricultural holding Rusagro recommended paying RUB 3.45 bln in dividends for July-December 2018. The company’s shareholders earlier approved paying RUB 1.026 bln in dividends for January-June 2018.
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