Baltika Breweries applies to de-list from MICEX-RTS
MOSCOW. April 4 (Interfax) - Baltika Breweries has applied to the MICEX-RTS stock exchange to de-list its shares, the company said in a statement.
The board of directors reached the decision to de-list in March 30.
Trading in the shares will be possible on the OTC market only after the shares have been de-listed. The de-listing process could take up to three months.
"The decision to de-list the company has been taken due to the low liquidity of the shares and the low trading volume. Delisting will allow the company to cut administrative costs related to the circulation of shares on the stock exchange," Baltika said.
Carlsberg, which owns around 85% in Baltika, might offer to buy minority shareholders out by May of this year at a price of at least 1,550 rubles per share. Carlsberg plans to spend no more than 6.5 billion Danish kroner (around $1.15 billion) buying the outstanding 15% of Baltika. Carlsberg also plans to de-list Baltika's shares, regardless of the results of the buyback.
Baltika has eleven breweries in ten Russian regions, and one in Azerbaijan.