Armbrok, an Armenian investment firm, offers depository receipts from Russian companies that were listed on foreign exchanges before the crisis, writes RBC. They can be acquired by both institutional and private investors. Transactions are made in the over-the-counter market.
“Sellers [активов] they are foreign funds and global banks with which Armbrok has counterparty relationships,” explained the representative of the brokerage.
These agreements allow investors from the Russian Federation to buy shares at a discount and then try to transfer them to the Russian infrastructure. Additionally, large holders have the opportunity to receive at least some funds for depreciated securities.
Depositary receipts for TCS Group, HeadHunter, VK and Yandex shares were available in Armbrok’s December and January offerings.
However, such transactions have a limitation, the securities being sold must not be issued by sanctioned issuers. But they can be bought by an investor from any jurisdiction.
As a source in the financial market told the publication, now all securities, not only Armbrok, are sold at a discount of 50-65%. At the same time, if the prospect of transferring to Russia is not visible, the discount is up to 90%, as is the case with Lukoil receipts.
It was previously reported that Kazakhstan brokers are buying Russian government debt at a deep discount from investors who, due to sanctions, are unable to leave the market.
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