Page 22 - TURKRptJun22

22 I Companies & Markets bne June 2022
The e-commerce company is in talks to re-structure its eurobonds. Photo: bne IntelliNews.
In a statement on its website, Ozon acknowledged that “these actions have had, and are expected to continue to have,
a material adverse effect on our business, financial condition and results of operations and on the value and trading of the American Depositary Shares.”
Also included in Ozon’s results was an announcement that the company is in negotiations with bondholders over the possibility of re-structuring obligations worth $750mn.
A de-listing event for convertible bonds was triggered in early March by America’s Nasdaq exchange as it suspended the trading of all Russian ADSs in the end of February.
As a result, Ozon announced that it hoped to re-structure its obligations, with a source close to the company telling bne IntelliNews that it would do its utmost to find a solution for bondholders, no matter how extreme the conditions.
The “put date” is 60 days after the delisting event, so the company has until the end of May to finalise its proposal to stakeholders. Ozon has confirmed that a large group of bondholders has formed an “ad hoc committee” to negotiate the terms of a potential re-structuring.
In a statement published online, the company warned that a combination of external sanctions and Russian capital control
measures meant that sending money from its Russian accounts to foreign bondholders could be difficult.
The company stressed that transferring the funds necessary to redeem all its obligations could have an impact on Ozon’s operations and growth outlook.
A source with knowledge of the matter told bne IntelliNews that an agreement on amending the terms and conditions of current convertible bonds could avoid the potential pitfalls of one big transaction from Ozon’s account in Cyprus,
while also allowing the company to continue to develop
its operations and achieve future growth, which Ozon considers to be in the best long-term interests of its investors.
One bondholder told bne IntelliNews that Ozon's proposals are constructive, and have been positively received by many investors, with discussions continuing. The company itself mentioned in its annual report that it aims to “enter into
“In a statement published online, the company warned that a combination of external sanctions and Russian capital control measures meant
that sending money from its Russian accounts to foreign bondholders could be difficult”
a standstill agreement with a significant number of holders of the Bonds in the near term with a view to reach[ing] an agreement on the long-term restructuring of the Bonds within the current financial year”.
bne:Tech
March 2020 www.intellinews.com @bneintellinews
Russia’s top retail and tech companies
join forces to hunt for innovations in
the rest of the world
BAs Russia’s retail and tech sectors consolidate, the leading companies are turned their gaze outwards to hunt for
Contents
Top stories
Russia’s top retail and tech companies join forces to hunt for innovations in the rest of the world 2 Ukraine-born startups raised more
than half a billion dollars in 2019 4 Russian video streaming platforms
gain speed 5 Cloud services take off in Russia 6 SEMrush to SEO success 8
Leaders 9
Russia’s internet giant Yandex
announces growing and more
diversified revenues in 2019 10 Russian telecom major Rostelecom misses on earnings in 4Q19, cash
flow solid 12
Investment 13
World Bank approves $35mn project
to modernise Kyrgyz tax administration and statistical system 13 Romanian online home decoration
retailer raises €3.5mn in bonds 14 Russian billionaires Abramovich, Gutseriev, said to invest in Telegram
crypto project TON 14 Russian fund Da Vinci Capital gets
€30mn from Germany’s DEG to invest
in Ukraine, Belarus and Kazakhstan 15
Fintech & E-commerce 16
Russian e-commerce major
Wildberries to add self-employed
vendor products to offering 16 Russian Dixy retailer to launch online sales with Ozon 17 Valuation of Sistema’s e-commerce
asset Ozon boosted to $1.8bn 17
Telecom 19
Makedonski Telekom’s net profit
up 6% y/y in 2019 19 Romanian telco Digi grows by double
digit rates in 2019 19 Russia could postpone 5G rollout
from 2022 to 2024 20
NIBs 21
new technology and innovation.
See page 2
Ukraine-born startups raised more
than half a billion dollars in 2019
In 2019, the venture capital and private equity funding volume for Ukrainian and Ukrainian-founded tech startups reached $544mn (up from $323mn in 2018 and $265mn in 2017), says AVentures Capital’s latest industry report ”DealBook of Ukraine”,
reports Adrien Henni of Ukraine Digital News. See page 4
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