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GORKI, April 08. /ITAR-TASS/. The Russian government suggested on Tuesday that all domestic companies should re-list their outstanding shares and securities that are currently circulating at the London and New York Stock Exchanges in Moscow. The government has promised support to companies that accept the proposal.
“We are going to create attractive conditions that are necessary to enable companies to go through the re-listing procedure,” Russia’s First Vice-Premier Igor Shuvalov said after a meeting held by the Russian prime minister on Tuesday.
“All the issuers should consider a possibility of re-listing their companies at the Moscow Stock Exchange for reasons of economic security, including a possibility to attract capitals,” Shuvalov went on to say, adding that it was up to the companies to decide and that no one was going to force them into making the final decision.
“We cannot attract or guide anybody but, nevertheless, the Russian government wants to bring home the companies and their board of directors that they should, as part of corporate procedures, consider the expediency of leaving their outstanding shares at foreign stock exchanges,” the Russian vice-premier went on to say.
Shuvalov said that some time before the government had already come up with the initiative to place assets and securities predominantly at the Moscow Stock Exchange.
“But we did not make any decision to ban our companies from placing their shares and securities at the New York or London Stock Exchanges,” Shuvalov explained.
The Moscow Stock Exchange should become a priority floor for placing shares and securities of companies that go private. Shuvalov admitted, however, that all “pros” and “‘cons” should be considered in each particular case.
“But, honestly, I do not see any serious arguments in favour of using foreign stock exchanges,” Shuvalov said.