Integra Group (INTE), the London-listed
oilfield services provider, is looking at becoming the first
foreign-domiciled company to list shares on a Moscow exchange,
according to Andrey Machanskis, its head of investor relations.
Integra is waiting for the development of Micex-RTS’s new
central depositary, which is aimed at improving the Russian
bourse’s trading settlement and widening its investor base, and
hasn’t decided on timing, Machanskis said in an interview today
in St. Petersburg.
The driller and equipment manufacturer, which operates
mostly in Russia, may seek to list shares on the Micex-RTS under
new rules that would admit companies domiciled abroad, Machanskis
said. Alternatively, the company may list Russian Depositary
Receipts, like United Co. Rusal, the Hong-Kong listed aluminum
producer controlled Russian billionaire Oleg Deripaska, he said.
“It depends on the requirements and the costs,”
Machanskis said. “The Russian Depositary Receipts and the
Russian foreign listing are both new instruments and largely
untested.”
Part of Integra’s motivation for a Russian listing is to be
included in MSCI Inc.’s indexes, which are tracked by
institutional investors, he said. Integra is currently excluded
because it lacks a local Russian listing.
MICEX-RTS is competing for listings with the London Stock
Exchange and the NYSE-Euronext, which is awaiting a decision on
whether it can merge with Germany’s Deutsche Boerse. Russia
needs a “paradigm” shift in local investment trends to bolster
its main stock exchange as volumes sink 40 percent below the
level of trading in Russian shares in London, the head of the
Micex-RTS Exchange Ruben Aganbegyan said on April 18.
To contact the reporter on this story:
Jason Corcoran in Moscow at
jcorcoran13@bloomberg.net
To contact the editor responsible for this story:
Frank Connelly at
fconnelly@bloomberg.net
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