Mail.ru Group GDRs start trading on Moscow Exchange

TASS Russian News Agency | Jul 2, 2020 at 9:38 AM

MOSCOW, July 2. /TASS/. Global Depositary Receipts (GDRs) of Mail.ru Group started trading on the Moscow Exchange in the Level 1 List, the company said on Thursday.

According to the company's statement, "Local listing is one of the key requirements for future indexation, bound to increase Mail.ru Group's visibility among funds looking at the Russian equity market".

"Today's listing on the local exchange marks a major milestone in our history as a public company, enabling millions of Russians to become our shareholders. Russia's local retail investor base has been rising rapidly, and they will now have access to our GDRs through the Moscow Exchange. In the meantime, we will continue to create technologies that will increase shareholder value, and believe that the listing will enhance the overall liquidity of our company," Mail.ru Group CEO Boris Dobrodeev commented on the event.

"We are pleased that more and more companies with Russian roots are opting for a secondary listing on the Moscow Exchange. There are more than 5.3 million private investors with access to MOEX markets, and now they can buy Mail.ru Group shares using Russian infrastructure, with clear and convenient rules, and paying in Russian rubles. I hope that Mail.ru Group's depositary receipts will be actively traded on our Exchange and become popular among individual investors, who are familiar with Mail.ru Group's business given that the company's services cover practically all Internet segments and are part of daily life for many Russians," the Moscow Exchange CEO Yury Denisov said.

Mail.ru Group held an IPO on the London Stock Exchange in 2010, then during the initial public offering the company and its shareholders raised about $1 bln. Mail.ru Group's shareholders include South African media holding Naspers (27.6% of the registered capital), Alibaba (10%), Chinese telecommunications company Tencent (7.4%), MF Technologies (5.2%), and 49.8% of Mail.ru Group shares are in free float.