Sistema delists from LSE

MOSCOW. May 18 (Interfax) - Sistema PJSFC has completed the process of delisting from the London Stock Exchange (LSE), the Russian investment group reported.

Sistema's Global Depositary Receipts (GDR) were excluded from the official list of the United Kingdom's Financial Conduct Authority and the LSE listing as of 8:00 a.m. London time on May 17, the company said.

Sistema has also notified JSC Citibank about the automatic conversion of GDRs into the company's common shares.

Sistema announced the plans to delist from the LSE and cancel its GDR program on April 13. The company recalled at the time that the permit from the Russian government commission for control over foreign investment to continue the GDR program was valid until May 13, 2023.

Given the approach of this deadline, the company "is taking steps to terminal depository agreements and conclude the delisting from the LSE," Sistema said.

Sistema's free float on the LSE was 2.8%, while the free float on Russian exchanges is 29.4%. After the delisting from the LSE, Sistema's shares will continue to trade on the Moscow and St. Petersburg exchanges.