MOSCOW, March 13 Russian homebuilder PIK Group
said on Monday it had approved a tender
offer for its global depositary receipts (GDRs) and would cancel
their listing on the London Stock Exchange.
The company said it was offering its GDR holders to tender
their GDRs to PIK at $5.101 apiece, representing a premium of 13
percent to the 3-month average price and a premium of 3 percent
to the closing price on March 10, 2017.
"The delisting will consolidate the company's free-float and
trading on MOEX (the Moscow Exchange), enhancing liquidity and
reducing the company's reporting costs," it said in a statement.
(Reporting by Maria Kiselyova; editing by Vladimir Soldatkin)