PhosAgro is looking for alternatives to listing on the London Stock Exchange in the Asia-Pacific region

Russian fertilizer producer PhosAgro is considering alternatives to listing on the London Stock Exchange, mainly in the Asia-Pacific region (APR). This was announced by the Deputy General Director for Finance and International Projects of the company Alexander Sharabaiko. At the same time, he clarified that this decision will not have practical significance until the auction is unblocked in London.

“There are options, and they are mainly in the Asia-Pacific region. What practical value does it have at this particular moment? It seems that there is none, because it is impossible, without unlocking trading in London, to make an independent decision and move somewhere else. If we are talking about moving the program, then it is possible only after the auctions there are unlocked,” Mr. Sharabaiko told reporters on the sidelines of SPIEF-2023 (quote from RIA Novosti).

Alexander Sharabaiko noted that there is no actual ban on transferring the listing to another exchange. When asked if the group was interested in such an option, PhosAgro’s deputy general director said that at the moment the time and effort required to resolve this issue seems “prohibitively high.” “Most likely, everything will be the way it is now. The decision to transfer the listing is not in our power, and our desire or statement alone will not be enough here,” he stressed.

Speaking about the prospects for development in the Asian market, Mr. Sharabaiko noted that listing, for example, in China does not provide access to Chinese investors. “If you have a certain angle of refraction on China, the Chinese economy, then yes. If we make a decision to choose a new ammonia licensor in favor of producers from Southeast Asia, maybe then this will make more sense and interest from Chinese investors,” he concluded.

At the end of April, Phosagro announced its intention to find a licensor for a project to build a complex for the production of ammonia and carbamide. According to the company, investments in the project will amount to at least $1.5 billion. PhosAgro plans to make its choice by the end of 2023.