Russia’s second largest mobile operator MegaFon has applied to increase the maximum number of global depository receipts that can be issued under its internal programme from 20% to 25% of outstanding ordinary shares.
MegaFon’s listing on the Moscow…
Russia’s second largest mobile operator MegaFon has applied to increase the maximum number of global depository receipts that can be issued under its internal programme from 20% to 25% of outstanding ordinary shares.
MegaFon’s listing on the Moscow Stock Exchange was recently upgraded from the ‘B’ to the ‘A2’ quotation list, entitling it to make the application, the company explained in a statement.
If the Central Bank of Russia approves the application, the number of GDRs authorised to be issued under the programme, administered by Bank of New York Mellon, will rise from 123.38 million to 155 million.
The operator expects to obtain central bank approval within 30 days.
Announcing the listing upgrade in April, MegaFon said it required enhanced corporate governance standards to be introduced over the next two years and paved the way for a broader range of investors, mainly funds managing pensions, to be able to trade and invest in its shares.
MegaFon shares were first admitted to trading on the Moscow bourse in September 2012 on the ‘V’ quotation list. The company is also listed on the London Stock Exchange. Alexander Usmanov’s AF Telecom is MegaFon’s largest shareholder with a 50.01% stake, followed by Swedish telco TeliaSonera with a 25.17% stake. The public float represents about 14.71% of all outstanding shares.
