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RTS president says company potential underestimated

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MOSCOW, September 22 (RIA Novosti) - The market value of the Russian Trading System stock exchange has surpassed original expectations, the RTS president said Friday.

A 10% stake in RTS has been on sale since September 18, and will continue through September 22. On each of the five days, partnership members have been invited to buy 16,000 shares, or 2% of the total of RTS stock.

"I've underestimated our company's potential," Oleg Safonov said. "The current RTS [share] price is far from being the maximum. It is bound to grow."

The price of one share varied from 1,550 rubles ($57.8) to 1,850 rubles ($69), with a par value of 100 rubles ($3.7).

Market watchers have said the price of the concluded deals corresponds to RTS's capitalization of $55.2 million.

Gazprombank, a subsidiary of Russian energy giant Gazprom [GAZP], has purchased the largest stake in RTS (4.311%), which is equivalent to 34,490 shares.

UBS Securities, an international investment banking and securities firm, and Russian securities company Renaissance Broker bought a 2% package (0.5% and 1.5%, respectively).

The sale of the RTS package has been carried out in line with an RTS restructuring strategy, approved at a partnership meeting August 3.

The charter capital of the RTS Stock Exchange joint-stock company, established in late 2003, is 80 million rubles ($3 million), and is divided into 800,000 ordinary shares.

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