Russia’s SUEK seeking full London listing – report

LONDON (Reuters) – SUEK, Russia’s largest steam coal miner, is planning a full listing of its shares in London, allowing it entry into the FTSE 100 (.FTSE: Quote, Profile, Research) index, after it improved corporate governance, The Independent on Sunday said.

A floatation was expected to go ahead in June and could value the company at close to $5 billion, enabling it to qualify for entry into the blue-chip index, the newspaper said.

The group — the Siberian Coal Energy Company in full — had planned to trade only global depository receipts, the newspaper said, which would have allowed it to register in a more tax friendly jurisdiction and also escape the FTSE index’s stringent corporate government standards.

However, the group believed it had improved its structure over the last year, the newspaper said, and it quoted a mining sector source saying SUEK wanted a premium listing.

A report in Kommersant in March said the group could sell 10 to 15 percent of its shares via an initial public offering.

SUEK had intending to list its shares in 2010, bankers told Reuters in January 2010, but the company’s plans fizzled as investor interest in Russian issues remained flat.

SUEK was not immediately available for comment.

(Reporting by Paul Sandle; Editing by Erica Billingham)

Russia’s SUEK seeking full London listing – report