Severstal's Shares to Be Included in Top Quotation List A
OREANDA-NEWS. The Moscow Exchange is transferring shares of OAO Severstal (LSE: SVST; MICEX-RTS: CHMF), one of the world’s leading vertically integrated steel and steel-related mining companies, from the Quotation List B to the Quotation list A Level 2 (QL A2). The company's shares will be included in QL A2 on April 8, 2014.
Alexey Kulichenko, CFO of Severstal commented: “The Quotation List A is the most requiring in terms of corporate governance, transparency, disclosure and liquidity of the stocks. Getting this upgrade means that Severstal is complying with those requirements. It is also an important step towards increasing the company's capitalization and liquidity of the shares”.
Besides, Severstal's Eurobonds and then its Global Depositary Receipts (GDRs) will be admitted for Repurchase Agreement – Repo transactions on the Money Market of the Moscow Exchange later this month. The initiative came from the professional investors who asked the Moscow Exchange for the inclusion saying that all types of Severstal’s securities are liquid and popular among the market participants.
Severstal listed its shares on the Moscow Exchange in June 2005 in order to raise liquidity of its securities. Severstal’s shares are also traded in the form of depositary receipts on the London Stock Exchange and through the PORTAL trading system in the USA. Severstal has 837 718 660 of outstanding shares.