Moscow Exchange to buy back two subsidiaries in consolidation scheme

By Andrei Skvarsky.

Moscow Exchange will buy back two subsidiaries in a planned consolidation process to be completed by the end of 2016.

The planned takeover of MICEX Stock Exchange and MB Technologies, both of which are 100-per-cent-owned by Moscow Exchange, is subject to approval by an extraordinary general meeting of shareholders scheduled for September 2, Moscow Exchange said in a statement.

MICEX Stock Exchange is the organiser of equity, bond and money trade on Moscow Exchange. MB Technologies offers technical access to derivatives trade at the bourse and provides co-location services at its data centres.

Under the consolidation plan, launched by Moscow Exchange’s supervisory board on July 21, the bourse would offer to buy back its shares in the two subsidiaries. The supervisory board set the buyback per-share price at 106 roubles ($1.65), “taking into consideration the recommendations of an independent appraiser”, the statement said.

The takeovers “will require no additional action on the part of issuers, customers or other counterparties”, it said. They “will optimise the Group’s corporate structure, streamline customer relationships with Group companies and reduce costs both for customers and for the Exchange”.

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