MOSCOW: Etalon Group Plc has submitted documents, including a prospectus, to Moscow Exchange in order to undertake a listing of Etalon Group global depositary receipts (GDRs) on Moscow Exchange and the inclusion of these securities in the Level 1 List.
Pending approval of the listing documents and admittance to trading on Moscow Exchange, Etalon Group GDRs are expected to begin trading in Moscow in approximately one month.
Etalon Group CFO Kirill Bagachenko said: “Etalon Group’s listing on Moscow Exchange marks a historic milestone in our development. With Russian investors that do not have access to the London Stock Exchange infrastructure able to buy Etalon GDRs, we expect to further diversify our investor base and see the Company included in new equity indexes.
“Moscow Exchange has for years helped to lead the successful development of Russia’s financial system, which now boasts world-class technical and regulatory infrastructure that make dual listings like ours possible and attractive for companies and investors. Thanks to Etalon Group’s significant free float of 62%, we also confirm our commitment to maintaining our current listing on the London Stock Exchange.”
Founded in 1987, Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. With a more than 30-year history, Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has commissioned 7 million sqm of real estate.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as maintain best-in-class profitability. Group employs over 5,000 people, and its nationwide sales and marketing network covers 58 Russian cities.
In 2019, Etalon Group acquired and consolidated 100% in Leader-Invest, one of Moscow’s largest residential developers by size of land bank and number of projects currently available for sale.
Etalon Group’s total assets, including the aforementioned consolidation and 100% ownership of ZIL-Yug project, comprise 53 projects under development, completed residential and commercial properties, as well as a construction and maintenance division, with total unsold NSA of 4.0 million sqm. Knight Frank valued the Company’s total assets at RUB 206,071 million as of 31 December 2018.
For the year ended 31 December 2019, Etalon Group’s new contract sales totalled 630 ths sqm, or RUB 77,627 million. Deliveries in 2019 amounted to 622 ths sqm.
The Company recorded revenue of RUB 72.3 billion and EBITDA of RUB 5.7 billion for the year ended 31 December 2018.
Etalon Group’s GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.