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Oil Report

Russia market watchdog cuts foreign issue caps

MOSCOW, July 9 (Reuters) - Russia has cut the limit on the percent of a company’s share capital which can be floated abroad, the country’s stock market supervisor said on Wednesday.

The new limit is 30 percent of total share capital for any company wishing to make a new placement, down from 35 percent.

Companies in strategic industries may only list 25 percent.

Companies involved in exploration for hydrocarbons, metals and other mineral resources may float no more than 5 percent abroad.

The new rules do not apply to companies already listed abroad. (Reporting by Olga Popova; Writing by Melissa Akin; Editing by )

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