By Andrei Skvarsky.
Evrofinance Capital, a Micex minority shareholder, has asked for an official order to reverse the merger of Russia’s biggest stock exchange with the RTS bourse.
The merger will be damaging to Micex, its shareholders, the Russian financial markets and the country as a whole if based on the current scenario, Evrofinance, owner of a 6.2% stake in Micex, argued in letters to the Central Bank, Federal Financial Markets Service and cabinet.
Individual RTS shareholders would be the only benefiters, the firm claimed, according to the RosInvest.com website.
Evrofinance also finds fault with official pre-merger valuations of the two bourses, claiming that Micex is undervalued and RTS overvalued.
Evrofinance says surveys carried out by Micex show that the market generally disapproves of the current unification model. The firm has suggested setting up a Micex-based holding company as an alternative form of the two exchanges’ merger.
Sorry, comments are closed for this post.