Moscow Exchange to halt trading in MegaFon shares amid delisting

MOSCOW, May 29 (PRIME) -- The Moscow Exchange will stop trading in shares of mobile operator MegaFon from June 3 because of the company’s delisting plans, the bourse said late Tuesday in a statement.

“In compliance with the listing rules of the Moscow Exchange, the chairperson of the Moscow Exchange decided the following on May 28, 2019: to suspend from June 3, 2019 trading in the securities included in section Third Level of the securities list admitted to quoting on the Moscow Exchange because of a received request of the company to buy back the securities,” the bourse said.

MegaFon said in early March that minority holders offered 20.36% of the operator’s shares for a buyback. As of the end of the deal, the operator’s fully-owned company MegaFon Finance became an owner of 99.2% of the parent company, leaving only 0.8% floating on the Moscow Exchange.

In April, MegaFon said MegaFon Finance had sent minority shareholders a demand for a buyback to quit the Moscow Exchange. MegaFon left the London Stock Exchange in October 2018.

MegaFon’s common shares closed the Tuesday session at 652.80 rubles on the Moscow Exchange.

(64.5394 rubles – U.S. $1)

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