MegaFon delisting from LSE on 5 October

10 Sep 2018

Russian mobile operator MegaFon has applied to the United Kingdom Listing Authority and the London Stock Exchange (LSE) to delist its Global Depositary Receipts (GDRs) as approved by its Board of Directors on 15 July 2018, having determined that maintaining a GDR listing was no longer a strategic priority for the company. It is expected that the delisting will become effective on 5 October 2018.

MegaFon’s wholly owned holding company MegaFon Investments (Cyprus) Limited (MICL) last month completed a share buyback of Ordinary Shares and GDRs from minority shareholders, resulting in MICL’s percentage interest in MegaFon increasing from 3.92% to 22.52%, and the percentage held by shareholders other than USM Holdings, MICL and Gazprombank decreasing from 20.8% to 2.2% of MegaFon’s share capital. Majority shareholder USM Holdings is ultimately controlled by Russian business magnate Alisher Usmanov.

Russia, MegaFon