Alisher Usmanov completes the transfer of assets in Russia

Cyprus USM Holdings Limited, which indirectly holds majority stakes in Metalloinvest, Megafon and other badets, completes its transfer to Russia. This results from the USM message. They will be transferred to the "Holding Company of YueSeM", 100% of Metalloinvest and 56.32% of the shares of Megafon will be under his ownership.

The restructuring is conditioned by the course on the dismantling of the economy, USM press service Ivan Streshinsky, which is part of the board of directors of the operation.

Usmanov began transferring badets to Russia in 2014: OOO Yuesem Metallinvest took a majority stake in Metalloinvest, and another Russian subsidiary, AF Telecom Holding LLC – a controlling stake in Megafon. The USM then linked the restructuring with the announcement of President Vladimir Putin on the deindustrialization of the economy and the introduction of tax rules on the profits of controlled foreign companies in the Tax Code.

Before transferring Metalloinvest to Russia, Usmanov belonged to Cypriot companies: 40% owned by Usm Steel & Mining Group Limited, 21% – Seropaem Holdings Limited, 24% – Metalloinvest, 15% – USM Investments Limited

At Late last year, the unsubscription of Megafon was completed. "AF Telecom Holding" in early December last year increased its stake in the operator to 56.3178% of 56.1616%, according to the list of affiliated persons of the operator. At the same time, Cyprus Telecominvest Holdings Ltd. ceased to be a shareholder of Megafon, having lost 0.15662% of the capital

The main owners of USM Holding are Alisher Usmanov, which holds a 49% stake, and Vladimir Skoch (30% ).

Megafon announced the delisting on July 16 with the London Stock Exchange (LSE). Before delisting, Megafon intends to buy back shares in free float. The company has offered investors from July 16 to August 22 to sell the subsidiary MegaFon Investments Cyprus Ltd. to 128.95 million common shares (20.8%), traded on the stock exchanges of Moscow and London in the form of global deposit certificates (GDRs) at $ 9.75. The premium will represent 8.3% of the cost of the MegaFon RDA for the closing of the LSE transactions and 20.3% of the share price on the Moscow stock exchange on July 13th. USM Group and Gazprombank Group (18.8% of the shares of the operator) will not participate in the repurchase.

USM has long been talking about badet transfer projects to Russia, notes Sova Capital badyst Alexander Vengranovich. It is obvious that the announcement today and Megafon 's departure from the stock market correspond to USM plans to concentrate badets in Russia, he believes.