Jpmorgan Emerging Europe... Share Discussion Threads

[loganair] 05/2/2024 17:12

How the Yandex Russian asset sale will go ahead:

The sale transaction will be implemented in two closings. At the first closing, we will sell a controlling stake in the Target of approximately 68% to the Purchaser for consideration consisting of a combination of the cash equivalent of RUB 230 billion and up to 67.8 million YNV Class A shares.

At the second closing, the Purchaser will pay for the remaining stake of the Target in a combination of YNV Class A shares and cash. The second closing will occur within approximately seven weeks following first closing.



Yandex N.V. currently has 325.7 million class A shares and 36.7 million class B
shares.

The new owners of Yandex Russia are going to return to Yandex N.V. 176 million class A shares.

Yandex N.V. will reduce their number of class A shares by the amount of shares they're being given in the transaction which will leave Yandex N.V. with 149.7 million class A shares.

The cash amount to be paid is 230bln roubles ($2.5bln) which will be paid in Chinese Yuan.

YNV intends to retain a portion of the net cash consideration to finance the development of the retained international businesses, and to return a substantial proportion of such net proceeds to our remaining shareholders, which we currently expect will be through a share repurchase offer.

JEMA has 2 choices going forward either to retain the Yandex N.V. shares or to sell them under the share repurchase offer when it comes.

JEMA holds 169,819 Yandex N.V. stock which has been frozen on the Nadaq since March 2022.

[neilyb675] 05/2/2024 12:13

130.00 - 137.80 (GBX) at 08:37:24
on Market (LSE)

[loganair] 05/2/2024 11:16

China buys Russian oil and gas from Russia in Chinese Yuan which is held in China.

Russian companies can then use these Yuan to buy Russian assets from Unfriendly countries at a 50% discount to their stock market value.

Just a thought for the future, all the funds (or at a 50% discount) held in JEMA's frozen "S" account may one day in the future be swapped for Chinese Yuan held in China. So good so far as long as the West doesn't do the sillies with China and sanction them the same way they have Russia.

This is why I have been posting that I consider the true NAV on JEMA's Russian assets to be 50% of their current stock market value or around 250p per share + 27p (50% of the funds held in "S" account) + 20p (non-Russian stocks and cash) = 297p I consider to be the current true NAV of JEMA.

[loganair] 05/2/2024 10:46

JEMA holds Yandex N.V. which is currently frozen on the Nasdaq and it seems reasonable to me to say that once the deal is completed Yandex N.V. shares on the Nasdaq will be unfrozen and return to normal trading.

Almost 88% of Yandex's N.V. ownership structure is currently free-float, with many Western funds among its shareholders.

Yandex N.V. “We anticipate that the first closing will occur in the first half of 2024, with the second stage following within seven weeks.”

Yandex NV plans to delist its Class A shares from Moscow Exchange, expected after Yandex has obtained a new public listing.

Yandex N.V. said the buyer, an investment fund called Consortium.First, includes Russian companies and investment funds that are not under Western sanctions.

“The proposed transaction will allow shareholders to recover some value for the businesses that we are divesting, while unlocking new growth potential for the international businesses we will retain and enabling the divested businesses to operate under new ownership,” Yandex Chairman John Boynton said in a statement.

The deal will be closed in two stages and was structured with a discount of at least 50%, which Russia requires for exiting companies that are registered in countries Moscow considers unfriendly. About half of the transaction amount will be paid in cash, and in Chinese yuan outside Russia. The rest will be a stock component including 176 million shares of the Dutch parent that the buyer already holds or will acquire, according to the statement.

Adding that it would cease using the Yandex brand following completion of the deal.

Yandex NV will retain a portfolio of international businesses and other non-Russian assets to develop, including an AI cloud platform and a developer of self-driving technologies.

Yandex NV will retain a portfolio of four early-stage tech businesses in the cloud, data solutions, self-driving and education technology sectors. It will also keep a data centre in Finland, as well as the "core intellectual property asset" of 1,300 employees, and transitional licences through 2024.

[loganair] 05/2/2024 10:39

The MOEX Russia index was level for the second consecutive session at 3,230 on Monday, hovering near its highest levels since November 2023, with gains in construction and electric utilities partially offset by declines in telecommunications, transport and IT. Investors also digested remarks of the Russian finance ministry about the return to purchases of foreign currency in the month ahead due to expectations of additional oil and gas revenues.

Among individual stocks, Mechel (2.5%), RusGidro (1.9%), MosEnergo (1.8%), and Rosseti (1.6%) increased the most.

On the other hand, Yandex fell by almost 6% after it became known that the Dutch company Yandex N.V. has concluded a deal to sell Yandex's business for 475 billion rubles ($5.2bln) to a consortium of private investors. Also, X5 (-1.6%), MMK (-1.5%), Samolet (-1.4%), and Rostelecom (1%) dropped.

[loganair] 05/2/2024 09:13

The main stock market index in Russia (MOEX) has increased 126 points or 4.05% since the beginning of 2024.

[loganair] 05/2/2024 08:20

I think its a very unfair and totally bias report a bust pipe in the capital of Siberia where temperatures fall to below -40C while in the UK lose circa 1/3rd of our water supply due to leaking and burst pipes and that's in temperatures above 0C.

In the early Autumn the city/town authorities in Russia send inspectors around to inspect and test all hot water piping and guttering and any they see is damaged is replaced before winter.

It is not the Russian state that repairs and replaces city/town infrastructure, it comes from the city/town budget.

St Petersburg alone between 2006 and 2018 spent $12bln on repairing and replacing infrastructure, in todays money and how far the USD goes that's the equivalent of Birmingham in the UK spending $50bln on replacing and repairing all their infrastructure. During this time frame other cities and towns in Russia have had the equivalent spent on their infrastructure which has mostly been been replaced and therefore only now needs repairing and replaced when damaged which takes far less money.

[1917again] 04/2/2024 22:13

EU approves €50B Ukraine aid as Viktor Orbán folds

The deal on Ukraine aid comes after a small group of leaders persuaded Hungary’s PM to drop his veto on the funding package

BY GREGORIO SORGI, BARBARA MOENS AND ELISA BRAUN

European Union leaders on Thursday reached a deal to provide €50 billion in aid to Ukraine — and they were in unanimous agreement after some leaders persuaded the sole holdout, Hungarian Prime Minister Viktor Orbán, to drop his veto.

“All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget,” European Council President Charles Michel wrote on X, a few minutes after the formal start of the Council meeting on Thursday.

“This locks in steadfast, long-term, predictable funding for Ukraine,” he added.

[brwo349] 04/2/2024 21:30

An outside toilet in Oymyakon (Russia) - the coldest town in the world.
[...]
Superpower??

[masergt] 04/2/2024 19:08

Grasping at straws again, logliar?

[loganair] 04/2/2024 11:17

Yesterday the United States said they can not protect Zelensky if he is thrown out of office, in other words if there is a coup.

[masergt] 03/2/2024 19:52

This popped up quite out of the blue. Kinda explains Russian 'weapons superiority'.

[masergt] 02/2/2024 20:06

Wassup logliar? More fluff to deflect and pad out your Russian propaganda?

No comment on all your various 'superior' armoury's rapid unscheduled disassembly?

[loganair] 02/2/2024 09:41

The MOEX Russia index edged down 0.1% to 3,225 on Friday, moderating after five sessions of gains, pressured in part by lower oil prices. Additionally, investors digested corporate updates.

Among main laggards were Severstal (-1.8%), VK (-1.3%), Surgut (-1%), Polymetal (-1%), and Samolet (-1%). Severstal shares dropped as the company failed to convince the markets despite presenting a 79% increase in net profit yoy for 2023 and recommending RUB191.51 per share of dividends. Samolet also published its operating results, with the firm's net profit amounting to 34.3 billion rubles, 23% more than in 2022.

Conversely, MMK (1.5%), Aeroflot (0.7%), Novatek (0.77%), and Magnit (0.6%) advanced.

Weekly, the index was on track to rise by 2%.

[lunar 26] 01/2/2024 19:07

Russian missile warship "Ivanovets" joins Moskva on seabed

Amazing how hopeless Russia is

ttps://www.bbc.co.uk/news/world-europe-68165523

[lunar 26] 01/2/2024 19:04

Russian missile ship "Ivanovets" joins Moskva on seabed

Amazing how hopeless Russia is

ttps://www.bbc.co.uk/news/world-europe-68165523

[loganair] 01/2/2024 09:46

The MOEX Russia index increased for the fifth consecutive session rising 0.5% to 3,230 on Thursday, driven by the gains in oil & gas and consumer goods & services sectors.

Surgut (3.3%), Yandex (2.5%), NLMK (1.7%), Seligdar (1.5%), and MMK (1.5%) were leaders of growth.

On the other hand, Polymetal (-2.8%), RusGidro (-1.5%), GLTR (-1.5%), and Samolet (-1.4%) traded in the red.

Investors also followed the shares of Gazprom after Russian Deputy Prime Minister Alexander Novak said Russia and China were actively negotiating the Power of Siberia-2 gas pipeline. O

n the macroeconomic front, the country's S&P Global Manufacturing PMI dropped to 52.4 in January, marking the softest expansion in the sector since last July.

[loganair] 31/1/2024 11:54

The MOEX Russia index rose 0.5% to 3212 on Wednesday, up for the fourth session and reaching its highest level since the end of November, as risk sentiment improved after CBR's head Nabulina hinted at the beginning of monetary easing cycle in the second hald of 2024.

Among sectors, largest gains were recorded in IT, transport and oil & gas sectors.

As for individual stocks, Mechel (2.1%), Rosseti (1.7%), Sovcomflot (1.6%), and Segezha (1.3%) increased the most. Traders also kept their eyes on Polymetal after the company reported its operating results for Q4 which showed a 5% growth in q/q revenues. The miner also managed to meet its yearly production guidance.

On the other hand, Severstal (-1.3%), X5 (-1.3%), MKB (-1.2%), MosEnergo (-1.2%), and Moex (-1%) declined. Monthly, the index was on track to add 3.3%.

[loganair] 30/1/2024 13:24

Brazilian imports of diesel from Russia last year soared 4,600 per cent while purchases of fuel oil rose by almost 400 per cent, in a $8.6bn boost to the Russian economy as the war in Ukraine enters its third year.

Brasília imported 6.1mn tonnes of diesel from Russia in 2023, a 6,000 per cent increase from the 101,000 tonnes the previous year. The value in dollar terms increased 4,600 per cent from $95mn to $4.5bn, according to official government figures.

The Latin American nation also increased its purchases of fuel oil from Russia, with imports growing to $5.3bn last year from $1.1bn the previous year.

Brazil overtook Turkey in October to become the largest buyer of Russian diesel, according to data from Kpler, while the jump in diesel imports last year means Russia has overtaken the US as Brazil’s largest supplier of the fuel.

Brazil is keen to preserve its economic and political ties with Russia. Brazil being willing to help out in the midst of this situation [in Ukraine] is part of an implicit dynamic within the Brics, which is they have an all-weather friendship and help each other out in times of difficulty,” he said, referring to the group that also includes Russia, India, China and South Africa.

The dramatic rise in imports may fuel accusations that Brazil is sympathetic to Russia in the war.

Although Brasília officially condemned Russia’s invasion, Lula last year repeatedly claimed that Kyiv bears equal responsibility with Moscow for the conflict and has accused Washington of “encouraging” the violence.

In December, Russia accounted for 85 per cent of Brazil’s total diesel imports; the average for 2023 was about 50 per cent.

A top-10 crude producing nation, Brazil relies on diesel imports to fill about 20 per cent of domestic demand.

[loganair] 30/1/2024 09:54

The MOEX Russia index rose 0.45% to 3190 on Tuesday, advancing for the third session but struggling to break out of the tight range of 3150-3200 since January 8th. The markets focus was on Bank of Russia's press conference about the results of the banking sector development in 2023. Positive rhetoric could benefit the shares of Sberbank and Sovcombank.

Among sectors, the most gains were recorded by chemicals, IT and transport, while telecommunications and electric utilities edged down.

As for individual stocks, Magnit (2.2%), Mechel (2.1%), MKB (2.1%), and Aeroflot (2%) were the most bullish.

Conversely, Segezha (-2.4%), RusGidro (-1.8%), and Ozon (-1.3%) declined.

[loganair] 30/1/2024 09:38

There is real political turmoil in Ukraine...

Zalensky calls Zaluzhnyi, commander in chief of the Ukrainian armed forces, into his office and tells him to resign.

Zaluzhnyi refuses to resign.

Everybody in Zaluzhnyi's office says if Zalensky fires their boss Zaluzhnyi they will all resign.

Zaluzhnyi tells Zalensky, after 30th March when his official presidential term ends he no longer has any power over Zaluzhnyi.