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Name | Last | Chg |
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Dow Jones | 39512.84 | 0.32% |
NASDAQ | 16340.87 | 0.03% |
Symbol | Last | Chg |
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MOSCOW, April 27 (Reuters) - Russia's largest mobile
operator MTS
shareholders at a discount of around 69% on Saturday, giving
Western investors whose securities are blocked in Russia the
chance to recoup some stranded funds.
MTS has launched a tender offer to purchase up to 83,932,026
shares and plans to spend up to 7.97 billion roubles of its own
funds to finance the share acquisition, MTS said.
The purchase price was set at 95 roubles per share, which
was 69% lower than yesterday's closing price on the Moscow
Exchange.
The proposal mirrors one made by retailer Magnit
in 2023, which saw it successfully complete a buyback worth
around $736 million. The Kremlin demands a discount of at least
50% on any asset sales involving foreigners.
Magnit's offer represented the first opportunity for
non-resident shareholders of a Russian public company to dispose
of their shareholdings with settlement in different currencies
since the West imposed sweeping sanctions over the war in
Ukraine and subsequent Russian countermeasures restricted the
flow of capital.
(Reporting by Alexander Marrow and Gleb Stolyarov
Editing by Andrew Osborn)