MSCI increases Uralkali to 4.31% from 2.7% of indices
MOSCOW. July 5 (Interfax) - MSCI Inc has increased the weight of potash miner Uralkali in its indices to 4.31% from 2.7% effective July 6, the index company said.
MSCI has reviewed the weight in light of Uralkali's merger with Silvinit and increase in the number of issued shares and free float.
Uralkali's share price jumped 2.1% to 247.7 rubles by 10:45 a.m. on the MICEX Stock Exchange following the announcement.
MSCI estimates the number of Uralkali shares has increased to 3.1 billion and the foreign inclusion factor to 0.45 from 0.40.
VTB Capital analyst Andrei Amelin said he estimated index funds would invest $190 million in Uralkali shares and funds that use MSCI indices as benchmarks $500 million.
Uralkali completed the merger with Silvinit on June 16. Suleiman Kerimov owns 17.16% of the merged entity, Alexander Nesis - 12.16%, Zelimkhan Mutsoyev - 8.1%, Anatoly Skurov - 7.76% and Filaret Galchev - 10.3%.
Uralkali has 3,094,637,905 issued shares post-merger. They include 121,330 that were tendered for repurchase and are now on Uralkali's balance sheet.