MegaFon completes share buyback; 18.6% of Ordinary Shares secured

28 Aug 2018

Russian mobile giant MegaFon has confirmed that its MegaFon Investments (Cyprus) Limited (MICL) holding company has completed its previously announced share buyback programme. The total number of Ordinary Shares and Global Depositary Receipts (GDRs) tendered represented 18.60% of MegaFon’s outstanding Ordinary Shares as of 23 August 2018.

Pursuant to the original tender offer, MICL offered to purchase up to 128.95 million Ordinary Shares, including GDRs, representing 20.80% of the issued and outstanding shares, at a purchase price of USD9.75 for each GDR (or its equivalent in Russian roubles for each Ordinary Share).

MegaFon will now commence the process of cancelling the listing of its GDRs on the London Stock Exchange (LSE).

Russia, MegaFon