The Moscow Exchange will suspend trading in X5 Retail Group GDRs from April 5 – Kommersant

The Moscow Exchange will suspend trading in X5 Retail Group GDRs from April 5 – Kommersant

[ad_1]

Moscow Exchange (MOEX: MOEX) has decided to suspend trading in global depositary receipts (GDRs) of X5 Retail Group from Friday, April 5. This decision was made due to a lawsuit from the Ministry of Industry and Trade. Against this background, the company’s GDRs began to decline.

“(Decision is made.- “Ъ”) In connection with the submission by the Ministry of Industry and Trade of the Russian Federation to the Arbitration Court of the Moscow Region of an application to suspend the corporate rights of X5 Retail Group NV to its Russian subsidiary, as well as taking into account the deadlines established by law for consideration by the arbitration court of such an application, and also in connection with the fact that that the procedure for determining the date for fixing the list of owners who have the right to enter into direct ownership of shares in an economically significant organization has not been established,” says the press release sites.

As of 12:55 Moscow time GDR X5 Retail Group on Moscow Exchange fall in price by 1.23%, to 3,053 rubles. The company has not yet commented on the exchange’s decision.

On March 1, the Russian government issued a decree defining six economically significant organizations (ESOs). The list also includes X5. According to the resolution, the Ministry of Finance, the Ministry of Industry and Trade and the Ministry of Energy will be able to file claims in the arbitration court to suspend the corporate rights of foreign holding companies in these EZOs. March 29 Ministry of Industry and Trade disputed X5 Group’s rights to manage its Russian subsidiary.

Details – in the material “Kommersant” “Bargaining is inappropriate there”.

Laura Keffer

[ad_2]

Source link