PhosAgro refused to increase its debt burden.
The float, for which the collection of applications is scheduled for November 12, will not be placed on the stock exchange. Posagro withdrew its offer to invest in bonds.
The issuer did not reveal the reasons for the refusal, and experts believe that additional bills to pay may have a negative effect on the background of the shareholders' decision to pay dividends. Already at the beginning of December, in an extraordinary meeting, the shareholders will choose the early option of dividend payment. It is clear that billions of rubles will go into the pockets of the large and small shareholders of Posagro with a free cash flow of 45 billion rubles.
17 billion rubles that chemists would like to extract additionally from the placement of the bonds will definitely create a negative background of waste with an ever-increasing debt. The decision is more political than economic.
The exchange agent for placing Pusagro's bonds, Gazprombank, has reduced its activity to attract inquiries.