Moscow Exchange diversifies investor base after Central Bank sells 11% stake
On 2 July 2014, the Central Bank of Russia announced the sale of an 11% stake in Moscow Exchange to the market. The sale is in line with the Central Bank"s obligation to completely exit the shareholder capital of Moscow Exchange by 1 January 2016.
Commenting on the transaction, Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, said:
"We are delighted to be leading the way in reopening Russia"s capital markets with a ground-breaking transaction for Moscow Exchange. This follows on from a number of successful equity placements on our exchange over the past year, and once again demonstrates the quality and depth of the local market, and the potential for companies to carry out large transactions in local shares.
"With this transaction, we have reached a free float of over 50%, one of the largest in the Russian market, giving us an even more balanced and diverse shareholder base with new high-quality investors from across Asia, the Middle East, Europe and the US.
"We are pleased with the investor response to the transaction, which was several times oversubscribed. We take this as a strong endorsement of the Exchange"s ability to deliver growth through the cycle and strategic focus on driving forward the development of Russia"s financial market infrastructure.
"Moscow Exchange is leading by example in demonstrating the opportunities available in domestic and international capital markets for Russian companies with best-practice corporate governance and a solid business model."
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About Moscow Exchange
Moscow Exchange Group manages the sole multifunctional exchange platform in Russia for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central depository (National Settlement Depository), and a clearing centre (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to render the full spectrum of trading and post-trading services to its clients.
Moscow Exchange ranks among the world"s top 20 exchanges by total capitalization of securities traded, and also among the 10 largest exchange platforms by bonds and derivatives trading. Securities of over 710 issuers are admitted to trading on the equities and bond market of Moscow Exchange, including securities of the largest Russian companies by market capitalization.
Moscow Exchange was formed in December 2011 as a result of a merger between Russia"s two main exchange groups - MICEX Group, the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia; and RTS Group, at the time the operator of Russia"s leading derivatives market. This combination created a vertically integrated public trading market across most major asset classes, which was reorganized into an open joint stock company (OJSC) and was named Moscow Exchange. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX).
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