The sale of a stake in Moscow exchange by the China investment Fund Chengdong Investment Corporation passed with a 10 percent discount. The exchange shares were sold to investors on 89 roubles, is spoken in the message of the Foundation. The organizer of the transaction was the Bank Goldman As. Top Manager of a large investment company said that “to sell a large stake could only be a discount, as otherwise investors could simply buy paper on the market.” Yesterday shares trading platforms at the close of trading at 99,6 RUB.
On Thursday morning, shares of Moscow exchange decreased by 7%, falling on the low 92,39 RUB until the Fall of the stock exchange occurred after it became known that the Chinese investment Fund Chengdong Investment (Chengdong) sold its share in its capital. According to the Moscow exchange, the Chinese investment Fund on December 31, owned the fifth-largest package of its shares: 5,578% of the shares. On Thursday, the Fund has sold 5.2 per cent, the rest he sold before.
Packages of the Russian direct investment Fund and the Russia-China investment Fund (joint Fund of RDIF and China Investment Corporation) in the capital of the Moscow exchange remain unchanged, the report said the RDIF.
Customers were dozens of large institutional investors from North America, the UK, continental Europe, including Russia and Asia, says the official message of the exchange.
“We are pleased to welcome new shareholders of the exchange, evaluated the development potential of our company and the Russian financial market”, — commented the head of Moscow exchange CEO Alexander Afanasiev. He said that as a result of this transaction, the share exchange shares in free float has reached 57%, the highest rate among Russian public companies. “The increase in the number of shares in free float implies a more differentiated investor base, further increase in share liquidity and increasing the weight of our securities in the stock indexes,” said Afanasiev.
15:10 the value of the shares of the Moscow exchange amounted to $ 93,42 RUB.
“Today we see a natural change in the price of shares by results of the transaction, gave the press service quoted Finance Director of the exchange Evgeny Fetisov. – Most likely, some hedge funds who bought shares at a discount, seeking to take profit. But the fact that current quotations remain above the sales price of the package says about the demand for them by long-term investors”.
Analyst “URALSIB capital” Natalia Berezina said that the deal to sell the exchange shares Chengdong “was quick”. “The Fund clearly wanted to sell the stock for sure, so I decided to reduce the price by 10%. With such a large stake, and in such a bad market it is an inevitable condition,” she says. The analyst reminds that earlier the Central Bank has sold part of belonging to him shares of the exchange with less than a significant discount — 7%. The transaction took place in July 2014. Then the Central Bank during SPO has sold an 11.7% stake in exchange for 60 roubles per share for a total of about 16 billion rubles. Most of the sold package Bank were acquired by investors from the EU and Russia, said first Deputy Chairman of the Central Bank Sergey Shvetsov.
According to the Berezina, taking into account the original offering price of the shares of the Moscow exchange (55 rubles), the Chinese investment Fund has still closed the deal with a profit. “However, given the devaluation of the ruble this financial result is not high,” she said.