Page 104 - RusRPTJul21

8.3.3 ECM news
Novatek’s BoD approved a one-year extension of its buyback program, the company announced yesterday, 1 June. The aggregate amount of shares is up to $600mn. As of yesterday, the company had purchased 31.8mn shares. The company’s buyback was first approved on 7 June 2012. The last time Novatek purchased shares was 2-6 November 2020, when the company purchased 473,946 shares. Norilsk Nickel will buy back 5,382,865 shares out of 64,204,134 shares offered by the shareholders for a buyback at 27,780 rubles apiece, the company said in a statement on Wednesday. The payments will be done until July 3.
United Medical Group CY, managing European Medical Center (EMC) clinics, plans to hold an initial public offering (IPO) of global depositary receipts (GDRs) on the Moscow Exchange, the company said in a statement on Monday. “United Medical Group CY... working under the European Medical Center brand is announcing its intention to hold an IPO of GRDs, registering right for common shares of the company, on the Moscow Exchange,” the company said. Under the IPO, the securities will be offered by INS Holdings Limited, whose beneficial owner is Igor Shilov, controlling 71.2% of the company, Hiolot Holdings Limited, whose beneficial owner is Yegor Kulkov, owning 20.8%, and Greenleas International Holdings LTD with Roman Abramovich as a beneficial owner and a shareholding of 6.9%. An overallotment auction of 15% of the GRDs is expected. The securities are to be listed in the tier 1 quotation list. Citigroup Global Markets Limited, J.P. Morgan AG and VTB Capital Plc are the co-global coordinators and the co-bookrunners.
Sistema is discussing the idea of conducting an initial public offering (IPO) for MTS Bank in 2022, Sistema’s main shareholder Vladimir Evtushenkov said in an interview with RBC today. According to Mr. Evtushenkov, MTS Bank's IPO valuation could potentially exceed $1bn. Among the other key things mentioned in his interview, Mr. Evtushenkov confirmed that Sistema’s three key non-public portfolio companies – Medsi, Steppe and Binnopharm Group – are fundamentally ready for an IPO in terms of reporting, corporate governance and management. However, the exact timing remains unclear, and their IPOs are unlikely to happen in the near term (within the next three months), according to Mr. Evtushenkov. View: We see a potential IPO for MTS bank as positive for MTS and Sistema, as it could help to crystalize the value of the bank to the market. As a reminder, MTS Bank is rapidly expanding in the retail segment, with the bank’s retail loan portfolio growing 35% y/y before provisions in 1Q21.
Russian gold miner Nordgold plans to list in London as it looks to take advantage of a rebound in the gold price. The company intends to sell a 25 per cent stake to investors, including via a secondary listing in Moscow, said
104 RUSSIA Country Report July 2021 www.intellinews.com