Authorization

Cancellation of PFTS license disrupts ICU deal

Cancellation of PFTS license disrupts ICU dealICU Group says that the fact that the National Securities and Stock Market Commission (NSSMC) has cancelled a license of the PFTS Stock Exchange to carry out professional activity in the stock market amid an ongoing deal to acquire PFTS shares from its current shareholder, the Moscow Exchange, has disrupted the deal.

A decision on the acquisition was expected by the end of this week, since a mutual process to identify counterparties was completed, and the NSSMC was notified accordingly, ICU's press service reported.

Also, ICU said, the regulator requested a meeting at which ICU Group clarified its position in detail regarding the plans to purchase shares of the PFTS Stock Exchange and develop stock market technologies in Ukraine, and the Group said it had been acting in a transparent way.

"The decision taken by the NSSMC makes it impossible for ICU Group to complete the acquisition deal, and the PFTS, as an object of investment, loses its investment attractiveness without the license. Such regulator's decision also undermines the value of PFTS shares for existing shareholders, other than the Moscow Exchange," a statement reads.

ICU also expressed concern that such actions of the NSSMC would lead to a further deterioration of the investment climate in the country.

As earlier reported, the NSSMC on October 6 revoked the license of the PFTS Stock Exchange, the major shareholder of which is the Moscow Exchange.

The Commission reported that the decision was taken in accordance with the Law "On Licensing of Economic Activities," which justifies the cancellation of the license by a documented fact of control over the company's activities by entities that are registered in the territory of the aggressor country, Russia.

In late July, following the results of a shareholder special meeting, the PFTS failed to decide on the repurchase of its shares from the Moscow Exchange.

In late September, Ukrainian investment company Favorit and Investment Capital Ukraine were planning to buy a 50.02% controlling stake in the PFTS from the Moscow Exchange.

Source: UNIAN
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Январь 2022    »
ПнВтСрЧтПтСбВс
 12
3456789
10111213141516
17181920212223
24252627282930
31