London, Eng. 2/14/2007 01:15 AM GMT (WooEB)
The London Stock Exchange today welcomed Sitronics, a leading technology group operating across 25 countries in Russia, the CIS, Central and Eastern Europe and the Middle East and Africa to its Main Market. Sitronics is the first major international company to list on London’s markets this year and takes the number of Russian companies listed on the London Stock Exchange to 21.
The company will be eligible for inclusion in the new FTSE Russia IOB index, introduced in November to track the performance of the ten largest Russian companies traded on the London Stock Exchange’s order book and to form the basis for index and single stock derivatives offered by EDX London, the Exchange’s derivatives division.
Tracey Pierce, Head of International Business Development at the London Stock Exchange, said:
“In the last two years we have hosted a Russia-UK Technology Summit to bring companies and investors together to focus on some of the initiatives now underway in Russia to foster the growth of the high-tech sector. The range of companies that have attended, at different stages in their development, and operating in a huge variety of markets, has been striking.
“Sitronics’ IPO today is another example of the vibrancy of the technology sector in Russia. We are delighted to welcome them to our markets, and wish them every success in their life as a public company.”
Sitronics has raised $350 million on its Initial Public Offering in London and Moscow. The offering includes 1.7 billion ordinary shares, of which 1.6 billion will be placed in the form of GDRs, with each GDR representing an interest in 50 ordinary shares. The company intends to use half of the proceeds of the offering for acquisitions, including the consolidation of minority interests in its subsidiaries.
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