Russia’s Positive Technologies sticks to share placement plan despite market downturn

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Sept 22 (Reuters) – Russia’s Positive Technologies plans to go ahead with a secondary public offering (SPO) despite a sell-off in Russian stocks this week, executives at the cybersecurity firm said on Thursday.

On Monday, the company launched a placement of up to 2.6 million existing shares in an SPO, the first sale by a Russian company since Moscow sent troops to Ukraine in more

Over the past two days, however, Russian stocks have lost about 18% over the past two days amid plans for a referendum in the Russian-controlled area of ‚Äč‚Äčeastern Ukraine and Russia’s first military mobilization since World War more

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The ruble-based MOEX index of Russian stocks (.IMOEX) edged up on Thursday and was 2.5% above 0939 GMT.

“We believe that the current market situation with the Moscow Exchange index falling is temporary,” Yury Marinichev, director of investor relations at Positive Technologies, said on a video conference call organized by brokerage ITI Capital.

Positive Group (POSI.MM), which made its initial public offering on the Moscow Exchange in December, has risen 44% this year as investors favor its growing business, despite falling in February.

The SPO could boost the company’s free float from 10.44% to 14.44%, and could raise it to 15% by the end of next year, as investors have the option to buy additional shares of the company for every four shares they acquire, Marinichev said.

Another positive Technologies executive, Vladimir Zapolyanskiy, said on a conference call that the company, which generates 98 percent of its revenue from Russia, plans to expand overseas in the Middle East and Latin America.

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Reporting by Anna Pruchnicka in Gdansk; Editing by Susan Fenton

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