PIK Group, a homebuilder company in Russia, announced its delisting from the London Stock Exchange and authorized a proposal for its global depositary receipts.
The firm said Monday its removal from the bourse will consolidate its free-float and trading on Russia’s stock exchange, further liquidity, and lower its reporting expenditures.
PIK mentioned it all GDR owners can proffer their holdings to the company at $5.101 each. The price was 13% greater than its 3-month median price and 3% greater than the closing price on Friday.
The move comes as many Russian entities are ditching secondary listings in London over the past 18 months due to lower than expected market capitalizations or low liquidity.
It also follows the Russian government’s call for firms to go back to the country as western powers imposed sanctions on the nation following its seizure and annexation of Crimea.
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