Etalon wants first listing on Moscow Exchange

ST. PETERSBURG. MAY 15 (Interfax) - The board of directors of developer Etalon Group has decided to start the procedure for obtaining a primary listing on the Moscow Exchange, the company's press service reported.

"The procedure for changing the listing status on the Moscow Exchange will not require additional actions from the holders of the company's global depositary receipts and will not create any restrictions on the circulation of the group's GDRs," the statement says.

Etalon Group made an initial listing of global depositary receipts (GDRs) on the London Stock Exchange (LSE) in 2011. The securities have also been traded on the Moscow Exchange since 2020; the company's GDRs under the ticker ETLN are included in the first level quotation list.

To change the listing status on the Moscow Exchange to a primary listing, it is necessary to register the prospectus of existing GDRs with the Bank of Russia.

Etalon Group focuses on residential real estate for the middle class. The group's land bank is 6.6 million sq. m.

According to the group's website, Etalon Group's largest shareholder is AFK Sistema with 48.8%. Mubadala Investment Company owns 6.3%, Kopernik Global Investors has 5%, and Prosperity Capital 4.1%. 0.6% is owned by the management of Etalon Group, and free float is 35.2%.