Global Depository receipts Mail.ru Group commenced trading on the Moscow stock exchange.
for the First time about intention Mail.ru Group to carry out a secondary listing, it became known on February 26 from the company’s financial statements. In March, the Board of Directors of the company approved the holding of a listing on Masuria.
Director General Mail.ru Group Boris Dobrodeyev said that the company is focused on public markets in the desire to be available to all investors.
Chapter Mail.ru Group said that trading on Masuria will help to diversify the shareholder base, as many users in Russia do not have access to the venue of the main listing.
“Now private investors, which on the Moscow exchange amounted to more than 5.3 million, may purchase securities Mail.ru Group on domestic infrastructure, clear rules for Russian rubles”, — said the Dobrodeyev
Since 2010 receipts for shares are traded on the London stock exchange. As of October 2019, the free float is around 50%. The largest shareholders of the group by votes – ITF (a joint venture of MegaFon, USM Holdings Alisher Usmanov and “Gazprombank”, 58.3% of the votes) and the South African Naspers (12.3% of votes).
In Mail.ru Group hope a secondary listing on Moscow exchange can increase the potential liquidity of securities that are held by institutional investors. The company expects that the company’s investor base will expand, and it will be included in the new indices.