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Mubadala fund acquires 6.28% of shares in Russia’s Etalon developer

Earlier, Etalon listed 88.5 mln GDRs on London Stock Exchange and Moscow Stock Exchange, which accounts for 30% of the total registered capital of the company considering the additional issue

MOSCOW, May 22. /TASS/. Mubadala Investment Company, an Abu Dhabi-based sovereign fund, has acquired 6.28% of shares in Russia’s developer Etalon Group, the company reported on Friday.

"Etalon Group, one of Russia’s largest and longest-established development and construction companies, announces that Mubadala Investment Company has notified the company about the acquisition of a 6.28% stake in Etalon Group, the equivalent of 24.1 mln GDRs, crossing the 5% voting rights threshold," the report said.

Earlier, Etalon listed 88.5 mln GDRs on London Stock Exchange and Moscow Stock Exchange, which accounts for 30% of the total registered capital of the company considering the additional issue. The developer noted that the listing would enable it to acquire residential projects of up to 1 mln square meters as early as this year.

Founded in 1987, Etalon Group focuses on middle class residential real estate in the Moscow and St. Petersburg metropolitan areas. Since its foundation, the company has commissioned 7.5 mln square meters of real estate. Etalon Group has been listed on Moscow Stock Exchange since 2011. Global depositary receipts of the company started trading on Moscow Stock Exchange in February 2020.