Aeroflot Will Float GDRs in February
Aeroflot has completed preparations to float its first shares on international
capital markets, and the paper will start trading in early February, the airline
said Friday.
Aeroflot will issue 2.2 million Global Depositary Receipts, or 20 percent of its
charter capital, at a conversion rate of 100 domestic shares to one GDR, the
airline said. The conversion will start next week with depository bank Deutsche
Bank/Bankers Trust Co.
``This is the next step toward turning Aeroflot into an international company
not only through its activities but also through the trading of its shares on
international markets,`` Aeroflot deputy general director Alexander Zurabov said
at a news conference after an investors meeting.
The amount of shares to be converted is roughly the amount that foreign
investors hold in Aeroflot. The state owns a 51 percent stake in the airline.
Foreign investors already holding Russian shares will be allowed to swap them
for GDRs. The paper will be traded on exchanges in London, Frankfurt, Vienna and
over the counter in the United States.
With Aeroflot`s shares currently trading at about 24 cents, the airline expects
the GDR issue to net $50 million, said Dmitry Amunts, Aeroflot`s deputy general
director for strategic and corporate development.
The GDR project, which was approved by Aeroflot`s board in late September, is
Deutsche Bank`s first in Russia.
Industry experts applauded the announcement, calling it good news for Aeroflot`s
image, liquidity and investment potential.
``GDRs will improve liquidity. ┘ Aeroflot will have a chance to get in the rank
of first-tier companies,`` said Yulia Zhdanova, transportation analyst at United
Financial Group.
Yelena Sakhnova of the Aton brokerage s…
Дальше »»»