Page 121 - RusRPTJan21

This is equivalent to around a 5.3% stake, and takes his economic stake down to 35.1% (84.2% voting stake), raising the free float to 58.4%. He is now locked up for 180 days. The sale comes a day before Tinkov's much delayed US tax fraud hearing is due. Following the collapse of the talks with Yandex, a possible share sale by Oleg Tinkov has been a clear risk, but this has not stood in the way of a strong rally in the share price. We wait to hear now what news comes out of the hearing, if indeed it goes ahead. According to news wires, Tinkov has said he will use part of the funds to settle legal issues and part to set up a charity fund.
Fletcher Group sold c2.1% of​ ​Novolipetsk Metallurgical Kombinat​ (NLMK) shares via ABB​. Fletcher Group sold c2.1% of NLMK shares (128mn) via ABB. Fletcher Group is owned by Vladimir Lisin – a major shareholder of NLMK. Following the deal, the company holds c79.3% of the company’s issued share capital. The free float of the company will expand to 20.7%, as a result of the deal. Under the terms of the placing, Fletcher Group agreed not to dispose further shares in the company for a period of at least 90 days. Separately, a source close to NLMK’s shareholder, said the increased liquidity following the deal is a step towards increasing the company’s weight in the MSCI index, according to Interfax. Weight to increase in MSCI in May next year. As a result of this placement, NLMK’s FIF will be upped to 0.25 from current 0.2 during the May SAIR next year, and thus the company’s weight in the MSCI Standard Index will be slightly higher. On a pro-forma basis as of yesterday close, its weight will go up to 1.77% from current 1.42% in MSCI Russia Standard, driving passive money inflows of с$37mn, 2 days to cover ($18mn 3M ADTV).
TMK​ says squeeze out of minorities possible, but not anytime soon. ​TMK does not rule out the compulsory buyback of shares from minority shareholders, but this will not happen in the near future, said Vladimir Shmatovich, Vice President of the company, during a conference call for investors. He added that he was not aware that the main shareholder had plans to do so yet. Earlier on Monday, the company reported that TMK steel purchased 5.25% of shares, meaning free float shrank to 4.4%.
8.4 ​International ratings
121 ​RUSSIA Country Report​ January 2021 www.intellinews.com
Russia - Rating agency
as of July 1, 2020
last change
Moodys (USD rating)
Baa3 (S)
02/08/19
Fitch (USD rating)
BBB (N)
09/08/19
S&P
BBB- (S)
23/02/18