MTS to assess need of listing in NY, Moscow may become primary mkt - Telecommunications - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

MTS to assess need of listing in NY, Moscow may become primary mkt

MOSCOW, Feb 8 (PRIME) -- Major Russian mobile operator MTS will assess whether it needs listing in New York in view of high expenses on its maintenance and will consider an increase of volume of trading in Moscow, the operator said on Friday in a statement.

MTStoday announces the beginning of a review of the companys equity capital markets strategy and existing listing structure. The goal of the review is to evaluate the companys equity financial strategies to optimize available liquidity, and minimize the costs, relative to the benefits achieved, for both the company and its investors, the statement read.

The companys public free-float structure remains largely unchanged since its IPO in 2000. We believe that it is now an opportune time to consider our capital markets and listing framework in the context of global developments and the companys operational realities.

MTS will consider evidence of a global trend in shifting liquidity toward local exchanges and home markets, increased prominence of the Moscow Exchange, and MTS increasing financial and operational focus toward the local market.

Within the scope of the review, the company is seeking to assess the available mechanisms to increase liquidity and trading volumes on the Moscow Exchange, evaluate current allocation of the traded free-float and to review a potential listing structure where Moscow may become the primary market for MTS shares. The review will also examine whether or not having the companys listing in the U.S. with associated costs continues to serve the best interests of MTS shareholders, or whether a listing elsewhere may be preferable, the operator said.

The management board instructed the investor relations team to initiate a consultation process with institutional investors to gather feedback and analyze investor views on the companys capital markets structure and current allocation of the free-float.

Andrey Kamensky, vice president of finance, investments, and M&A, said, We want to engage with investors to discuss their preferences, ability and any potential restrictions in relation to different listing options. This consultation is not about any immediate decisionsThis public announcement will ensure that our investors are not exposed to any regulatory risks as they engage with us in a frank and open dialogue on the subject.

MTS common shares lost 3.72% to 252.05 rubles as of 4.20 p.m. Moscow time.

(66.0199 rubles U.S. $1)


08.02.2019 16:52
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 78.4431 +0.6466 23 may
USD 71.8804 +0.9564 23 may
Stock Market Indices
1D 1W 1M 1Y
rtsi 1202.26 +1.16 11:36 25 may
micex 2709.38 -0.34 18:50 22 may
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 195.41 +0.55 11:18 25 may
lkoh 5382.50 +1.23 11:18 25 may
rosn 370.30 +1.59 11:18 25 may
sber 189.32 +0.22 11:18 25 may
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 77.8375 -0.0825 11:20 25 may
USDTD 71.7525 +0.8975 17:44 23 may