Page 133 - RusRPTJul24

8.3.3 ECM news
Russian large diameter pipe (LDR) producer TMK placed 2% of its shares on the Moscow Exchange as part of a secondary public offering (SPO), Vedomosti daily reports citing the company’s press service. As reported by bne IntelliNews, prior to Russia's full-scale military invasion of Ukraine in 2021 TMK acquired ChelPipe, creating the largest player on the industrial pipe market in "the most notable Russian corporate event of at least the past five years". In 2022, after being sanctioned, the main shareholder of the company Dmitry Pumpyanskiy ceased to be a beneficiary of TMK, in which he owned 90.6%, while it is unclear to whom the stake was transferred. He and his son have resigned from the TMK board of directors. The company also maintained a dividend as a number of other Russian blue chips cancelled their payouts amid the invasion of Ukraine.
Russia’s largest producer of microelectronics Element Group completed an initial public offering (IPO) on the Saint Petersburg Exchange (SPB Exchange) raising RUB15bn on a free float of 14.3% at a total capitalization of RUB105bn. Notably, Element is one of the first issuers to choose SPB Exchange over Moscow Exchange in the ongoing wave of small- to mid-cap IPOs on the Russian equity market. In November 2023 the US sanctioned the Saint Petersburg Exchange, which prior to the invasion of Ukraine had emerged as the main platform for trading foreign securities in Russia. Element is also subject to US blocking sanctions, as are some of its subsidiaries, including leading Russian microchip maker Mikron. Element was created in 2019 with the assets of multi-industry investment group AFK Sistema and state tech agency Rostec. The group includes 19 organisations involved in the development, manufacture and design of microelectronics, including Mikron (Zelenograd), the Electronic Engineering Research Institute, Progress Microelectronic Research Institute, Semiconductor Devices Factory, Novosibirsk Semiconductor Devices Factor, and Voronezh Semiconductor Devices Factory (VZPP-Mikron).
8.4 International ratings
Russia - Rating agency
as of May 30, 2022
last change
Moodys (USD rating)
Ca
06/03/22
Fitch (USD rating)
Ca
08/03/22
S&P
CC
17/03/22
133 RUSSIA Country Report July 2024 www.intellinews.com