RUSSIA'S AFK SISTEMA INC. TO MAKE INITIAL PUBLIC OFFERING AT LSE

Subscribe
MOSCOW, February 9 (RIA Novosti) - The Russian financial group AFK Sistema is selling 16.5 percent of its stock as an Initial Public Offering (IPO) at the London Stock Exchange. It has begun preliminary trading in Global Depositary Receipts (GDRs) today, and is to close the transaction and confirm the offering on Friday, February 11, the company's press office reports.

AFK Sistema's IPO will include 1,592,663 ordinary shares in the form of 79,633,150 GDRs. One share is equivalent to 50 GDRs, and the price of the placement is $17 per GDR, company spokespeople say in a press release. The shares to be offered for sale account approximately for 16.5 percent of the stock; 42,663 of them were released as part of the original issuance and the other 1.55 million, issued additionally.

As is expected, AFK Sistema's GDRs will be listed to trade on the London Stock Exchange by 8am GMT, February 14.

AFK Sistema, set up in 1993, manages assets for companies involved in the services sector, including telecommunications, electronics, insurance, banking, real estate, retail trade, and the mass media. Its incomes came to $3.8 billion in 2003 and its assets topped $6.8 billion by the year's end.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала