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Russian Direct Investment Fund acts as strategic partner in Etalon Group additional issue

Russia’s developer Etalon Group reported earlier on Friday that Mubadala Investment Company, an Abu Dhabi-based sovereign fund, had acquired 6.28% of shares in the company, the equivalent of 24.1 mln global depositary receipts

MOSCOW, May 22. /TASS/. The Russian Direct Investment Fund (RDIF) acted as a strategic partner in additional issue of shares of the development group of companies Etalon, the Fund’s press service reported on Friday.

"The RDIF acts as a strategic partner for joint investment with Mubadala in the Russian economy within the framework of the partnership that has been established and proved efficient," press service said, adding that a representative of the Fund confirmed the joint with Mubadala participation in Etalon’s placement.

Russia’s developer Etalon Group reported earlier on Friday that Mubadala Investment Company, an Abu Dhabi-based sovereign fund, had acquired 6.28% of shares in the company, the equivalent of 24.1 mln global depositary receipts, crossing the 5% voting rights threshold.

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.