Support The Moscow Times!

Shareholders Approve Bourse Merger

Shareholders of the benchmark RTS stock exchange approved a merger with rival MICEX in a nearly unanimous vote Friday, with consolidation of the new unified bourse expected to be finalized by year-end.

An RTS spokeswoman said "99.77 percent of [RTS] shareholders have voted for the merger and agreed on all points on the agenda, including dividends."

The next step for the two exchange platforms is to seek approval from the Federal Anti-Monopoly Service, the RTS spokeswoman said.

"We plan that it [the final merger] can happen before year-end," she added.

A majority of MICEX shareholders also voted for the merger Friday, a source close to the deal said.

MICEX, in which the Central Bank holds a 29.8 percent stake, trades its index and shares in rubles, while the RTS exchange trades both in rubles and dollars.

The united bourse plans to hold an initial public offering in late 2012 or early 2013, aiming to raise at least $300 million, Ruben Aganbegyan, head of MICEX and the future head of the new exchange, said in June.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more