The Federal Grid Company, the country's electricity distribution monopoly, is seeking to list its shares in Frankfurt to increase trading and attract a wider investor base, two people familiar with the matter said.
The company, which trades on the MICEX and RTS exchanges in Moscow, is planning a secondary listing on the Deutsche Boerse, said the two people, who declined to be identified because the information hasn't been made public.
Roman Kirindassov, head of Deutsche Boerse's representative office in Moscow, declined to comment Wednesday. The German exchange set up a Moscow office in 2007 to boost sales and client relationships in Russia.
Dmitry Gryzunov, a spokesman for Federal Grid, also declined to comment.
Federal Grid, which has a market capitalization equivalent to $14.7 billion, would be the largest Russian company by market value to list on the Frankfurt exchange. The government owns 79.11 percent of the company, also known by its acronym FSK. The state plans to offer a stake as part of its 1.8 trillion ruble ($59 billion) asset-sales program during the next five years.
IBS Group Holding, a Russian software provider, and ZAAB Energy, the holding company of ZAAB Invest, a Russian oil and gas group, are listed in Frankfurt.
The company's shares on the MICEX fell 0.8 percent to 36.7 kopeks at the close in Moscow.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
