Globaltrans shareholders approve re-domiciliation from Cyprus to Abu Dhabi Global Market

MOSCOW. Aug 16 (Interfax) - Globaltrans shareholders approved re-domiciliation from Cyprus to the Abu Dhabi Global Market at an extraordinary meeting on Wednesday, the rail haulage company said.

"The EGM passed all special resolutions in relation to the start of the process to re-domicile Globaltrans Investment PLC from Cyprus to the Abu Dhabi Global Market by a qualified majority of votes," it said.

Globaltrans announced the proposed re-domiciliation at the end of July. It said at the time that it expected the proposed re-domiciliation to take about six months.

"The proposed re-domiciliation is driven by the need to address the limitations of Globaltrans' current corporate structure. Amongst other issues, certain intra-group transactions, including the upstreaming of dividends, are allowed only to a very limited extent at present, and this is expected to change after completion of the proposed re-domiciliation," it said.

Following re-domiciliation, the company intends to maintain its current listing status on the LSE and the Moscow Exchange . After that, the company intends to maintain the current depository program and has held preliminary consultations with the depository bank on this.

"The proposed re-domiciliation would, if completed, unblock the company's ability to carry out certain intra-group transactions, including the upstreaming of dividends, which are currently allowed only to a very limited extent. It will not however directly trigger the restoration of dividend payments to shareholders," the company said.

Globaltrans specializes in the rail haulage of metals, oil products, construction cargo and coal.

The founders of the company - Nikita Mishin and Andrey Filatov - own 11.5% of the shares each, while Konstantin Nikolaev owns 10.9%. Through a joint structure, the businessmen own another 0.9%. A member of the board of directors of Globaltrans, Alexander Eliseev, has 5.1%, the director of strategy and head of the board, Sergey Maltsev, has 3.1%, another 0.1% is under the control of management and 0.2% are treasury shares. Free float is 56.9%. GDRs are traded on the Moscow Exchange, while trading on the London Stock Exchange is suspended.