7 Feb 2024 15:21

Etalon Group completes delisting from LSE

ST. PETERSBURG. Feb 7 (Interfax) - Developer Etalon Group has ceased listing its global depositary receipts (GDRs) on the London Stock Exchange (LSE), the company's press service said.

Etalon Group announced its intention to delist from the LSE on July 18, 2023. The company's listing on the exchange was expected to be completed in August of last year, but the developer encountered difficulties.

"The delisting process became more complex, as a result of which the company received consent from the UK Financial Conduct Authority in February," the company said.

The delisting from the LSE took effect at 8:00 am London time on February 7.

The company's primary listing of GDRs on the LSE began in 2011, while the company's securities have also been traded on the MOEX since 2020. The decision to begin the procedure for obtaining primary listing status in Moscow was made by Etalon's board of directors in May of last year, which required registering a prospectus for existing GDRs with the Bank of Russia. The company did this in July.

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

As of the end of May, the Etalon Group's largest shareholder was AFK Sistema (48.8%). Mubadala Investment Company owned 6.3%, Kopernik Global Investors owned 5% and Prosperity Capital 4.1%. The group's management owned an additional 0.6%, and free float was 35.2%. The company has not published more recent data.