Lukashenko says he may quit as president
Belarus hits EU with tit-for-tat sanctions
Belarusian police introduce colour-coded torture system for detained protesters
Kremlin publicly condemns Belarusian police brutality in hint of growing frustration with Lukashenko
Russian services PMI rises to 48.2, but remains underwater as recovery continues to slow
Russia to start mass vaccinations on December 7
Azerbaijan’s Aliyev calls on Armenia, Russia, Turkey and Iran to assist in creating Nakhchivan land corridor
FPRI BMB Russia: Sberbank releases a three-year transformation strategy to e-commerce concern
Ukraine’s banking sector continues recovery, but profits still lagging last year
Ukraine’s real wages up over 10% in October but have been stagnant in dollar terms for almost a year
FPRI BMB Ukraine: Public has confused opinions on resolving the Donbas conflict
Western Balkans plus Ukraine subsidised coal with over €900mn in 2018-2019
Estonian parcel robot firm Cleveron eyes €30mn state loan
Estonia’s chief auditor says €1bn in state COVID-19 loans issued haphazardly
Economic sentiment in CEE falls in November as recovery momentum splutters
Estonian animation studio Imepilt to hold IPO
Brighter days ahead: The economic bounce back in 2021
Central, Southeast Europe stock markets jump in anticipation of COVID-free future
VISEGRAD BLOG: An easing of trade tensions but still an uncertain situation for export-oriented Central Europe
Hungary's PM risks isolation as Poland mulls dropping EU budget veto
Poland ready to back down from veto of EU budget
Hungary's ruling party in damage control mode after MEP sex scandal bombshell
Poland’s PMI remains stuck just above the improvement line at 50.8 in November
Czech companies dominate this year’s Deloitte Technology Fast 50 CE
Coronacrisis to get worse before it gets better forecasts wiiw
EU diplomats say no chance of Bulgaria removing veto for Skopje to start EU accession talks
IMF says downside risks to Albanian economy are increasing
EU ministers fail to agree on launch of accession talks with Albania and North Macedonia
Western Balkans commit to green agenda and regional common market at Sofia summit
Bosnia’s opposition ousts nationalist parties in major cities
Bosnia’s main ethnic parties fight to hold onto power in local elections
Southeast Europe’s EU members to get biggest boost from next budget and recovery funds
Bulgaria imposes 3-week lockdown to slow down COVID-19 spread
CEE politicians highlight trade and security ties as they congratulate Biden
Breakaway Transnistria fully under Sheriff’s control as Obnovlenie party sweeps board in parliament election
Moldova’s presidential election is over, now the battle for the parliament begins
Moldova’s foreign policy reset
Russian establishment quick to congratulate Moldova's new president-elect
Rising COVID-19 cases put intense pressure on CEE healthcare systems
MEPs urge European Commission to act against Hungarian media financing in North Macedonia and Slovenia
North Macedonia mulls decriminalising cannabis to boost tourism
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Romanian venture capital firm Catalyst launches new €40mn-50mn fund for TMT
Aegon to sell its CEE business to Vienna Insurance for €830mn
The state is back in business
Slovenian PM Jansa stands alongside Hungary and Poland in EU rule of law row
BEYOND THE BOSPORUS: Turkish number crunchers deliver November inflation surprise of 14%
Erdogan needs to go says analyst assessing Turkey’s economic collapse
Ukraine strikes deal with Turkey to produce killer drones instrumental in Karabakh conflict
In Karabakh deal, as many questions as answers
Protesters flood Yerevan demanding Armenia’s “traitor” PM quit over Nagorno-Karabakh surrender
Who emerge as the real winners from the bloody Nagorno-Karabakh conflict?
Below average 2020 wine production destined for volatile and uncertain global market
Iran calls on Saudis to limit $67bn defence spending to Tehran’s $10bn
Iranian prosecutors pledge to pursue Trump for Soleimani killing even after he leaves White House
No reaction from Kazakh elites as bombshell FT report says Nazarbayev’s son in law siphoned millions from pipeline scheme
UK court freezes $5bn in assets connected to fugitive Kazakh banker Ablyazov
Attack of the Debt Tsunami: global debt soars to a new all-time high
Kyrgyzstan's proposed new constitution provokes widespread revulsion
Kyrgyzstan's China debt: Between crowdfunding and austerity
CFC joins RWC in assessing KAZ Minerals buyout offer as under-valuation
China business briefing: Not happy with Kyrgyzstan
Mongolian coal exports to China paralysed as Beijing demands virus testing of truck drivers
Mongolia fears economic damage as country faces up to its first local transmissions of coronavirus
Mongolia in lockdown after suffering first local coronavirus transmissions
Mongolia’s wrestling culture: From the grasslands to the cage
No surprises in Tajikistan as Rahmon retains presidency with 91% of vote
A Tajikistan poised on verge of economic calamity set for vote
Tajikistan revives on-off dispute with Iran
Turkmenistan: The dammed united
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The Russian residential real estate developer Samolet Group has set its IPO price at RUB950 per share in a rare listing on the Moscow Exchange that starts trading today, the company said on October 29.
The price is at the bottom of its price range that has RUB1,100 as a maximum. Based on the offering price, the market capitalisation of the company will be approximately RUB57bn ($721mn) when trading starts on the Moscow Exchange today under the ticker “SMLT.”
As bne IntelliNews reported, Russia’s residential real estate market is recovering as the economy emerges from several years of crisis. Incomes have been stagnant for six years, but as interest rates fall housing is becoming more affordable. A generous government subsidy programme that keeps mortgages at 6.5% has been very successful and has given the residential real estate market a huge boost.
The offering comprises 3,078,968 ordinary shares offered by Moscovia Ltd, which is controlled by Pavel Golubkov, one of the company’s principal shareholders, equating to an offering size of RUB2.9bn, or 5% of the company.
The offering included shares purchased from Mikhail Kenin, Igor Evtushevsky and a company acting in the interests of Pavel Golubkov for the amount of 600,004 Ordinary Shares, 300,002 Ordinary Shares and 2,178,962 Ordinary Shares respectively, under the sale and purchase agreements with deferred payment provision at the offering price, Samolet said in a statement.
The company has also registered a new issue of up to 1,578,958 shares, or about 2.5% of the company, with the Central Bank of Russia (CBR) that will raise funds that will be invested into the company's growth, to buy new land plots and fund ongoing construction projects.
“The company acting in the interests of Pavel Golubkov subscribed for the New Shares through the exercise of its pre-emptive rights and is expected to pay for the New Shares using the proceeds from the sale in the Offering that it will receive from the Selling Shareholder under the SPA and thus will invest them into the Company,” the company said in its statement. “The placement of Shares in the open subscription will commence on 10 November, 2020 and end on 19 November, 2020. Results of the pre-emptive rights execution is expected to be announced by the Company on or about 20 November 2020.”
The company has seen profits soar this year by 44% in the first six months of the year and the outlook for more growth looks good.
VTB Capital (VTBC) and Brokercreditservice Ltd were appointed as the market makers. VTBC acted as Sole Global Co-ordinator and Joint Bookrunner of the offering. BCS Global Markets acted as Joint Bookrunner. OTKRITIE BROKER, Sovcombank and UNIVER Capital acted as Russian Co-Managers. CFC Management acted as financial advisor to the company in connection with the offering. There will be a lock-up period of 90 days after the IPO.
Anton Elistratov, CEO of Samolet Group, said: “We see a lot of market interest in our offering, and we are pleased to welcome new shareholders to the Company. The placement enjoyed strong demand on the part retail investors, while quality institutional investors also showed a great deal of interest in the Company’s shares.”
Samolet Group specialises in large-scale, full-cycle development projects, while ensuring the construction of social infrastructure facilities during the first phases of its projects. The company has an ACRA rating of BBB+ (positive outlook), an NCR rating of A-.ru (stable outlook) and an Expert RA rating of ruA- (stable outlook). Since its foundation, the company has delivered more than 2mn square metres of real estate. The company’s project portfolio (including freehold ownership, leasehold rights and the rights based on preliminary non-binding arrangements) exceeds 15mn sqm and continues to grow, the company said in a statement.
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