MRSK lists on LSE to attract new investors

RUSSIAN power grid company MRSK listed its shares in London yesterday in a move it hopes will boost the liquidity of its stock and enable it to raise funds in the future, its chief finance officer told City A.M.

The technical listing, in which no money is raised, will see MRSK list 25 per cent of its stock as global depositary receipts -- the maximum allowed.

Russia owns a more than 50 per cent controlling stake in MRSK, while state-controlled Gazprom has 10 per cent.

Alexei Demidov said: “The London listing is very important for us. London is a hub which enable us to attract more investors from across the world.”

Rival state-controlled grid firm FSK completed the listing of its secondary shares in London at the end of March.

A wave of Russian companies have recently sought premium listings of their shares, with firms like Polymetal large enough to seek inclusion in the FTSE 100.