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)

End

08.02.2019 16:52
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 71.7453 +0.0243 24 apr
USD 63.7906 +0.0046 24 apr
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1277.71 +0.17 18:50 23 apr
micex 2587.48 +0.11 18:50 23 apr
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 162.42 -0.66 18:48 23 apr
lkoh 5780.00 +1.58 18:49 23 apr
rosn 441.00 +0.32 18:47 23 apr
sber 235.67 +0.11 18:49 23 apr
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 71.6800 -0.2325 14:59 23 apr
USDTD 63.8225 -0.0125 17:44 23 apr