Moscow, 15 June 2017 – PIK Group ("PIK" or the "Company") (MOEX: PIKK), Russia’s biggest developer of residential real estate, today announces that it has completed the procedure of delisting from the London Stock Exchange.
As part of its new capital markets strategy, the Company has consolidated trading in its shares on a single platform, Moscow Exchange, while at the same time retaining its GDR programme.
PIK will remain a public company, and will continue to be guided by best practice in corporate governance and disclosure. In particular this means:
· The Company retains its existing management structure, which includes a Board of Directors that has independent directors among its members. The Board of Directors will continue to define PIK’s long-term strategic goals and to review the performance against these goals of the management team led by President and Chairman of the Management Board Sergei Gordeev.
· PIK intends to focus on forming strong relations with investors and the international investment community.
The Company will continue to publish its results and report on its activity to the market in the form of quarterly operating results release and half-yearly financial results.
ABOUT PIK GROUP
PIK Group was founded in 1994 and today is the leading residential real estate developer in the Moscow Metropolitan Area and in Russia as a whole. The Company is present in nine regions of Russia with an extensive project pipeline focused on the lucrative Moscow Metropolitan Area. The Company has a proven track record with about 16 million sqm of residential real estate built since inception (0.9 million sqm in 2016).
PIK shares have been listed on Moscow Exchange since 2007. PIK Group has a strong reputation on the market and continues to demonstrate robust financial and operating results:
· Record growth by all indicators in 2016: total cash collections grew by 47% year-on-year, new sales contracts to customers advanced by 52% year-on-year, 63 new properties were put on sale against 50 in 2015;
· The share of mortgage-backed deals has grown sevenfold over the last seven years thanks to a disciplined and customer-centric approach;
· Comfortable leverage profile without exposure to currency risks which creates room for further sustainable growth.
In 2017 the Company intends to maintain its market leadership on the affordable housing market, and expects total new sales to customers of 1.7-1.9 million sqm and total cash collections of RUB 190-200 billion.
ENQUIRIES
PIK contacts
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Investors
Polina Kurshetsova
Tel: +7 495 505 97 33 ext. 3785
E-mail: ir@pik.ru |
Media
Natalia Mikhna
Tel: +7 909 913 14 70
Tatyana Seyranyan
Tel: +7 919 777 21 87
E-mail: pressa@pik.ru
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EM contacts
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