OREANDA-NEWS. MegaFon (LSE: MFON), a leading Russian mobile operator (“MegaFon” or the “Company”), today announced its shares have been upgraded to the highest quotation list on the Moscow Exchange following the recent listing reform. Inclusion into this list broadens the range of potential investors and improves liquidity of Company's shares.

MegaFon's inclusion in the highest quotation list was announced during an official ceremony dedicated to the Moscow Exchange' move to new listing rules, which leads to more stringent compliance for the issuers. At the same time, the new rules ease listing procedures and allow a wider number of issuers to qualify for the highest (Level I) quotation list, thus broadening investment opportunities for a number of institutional investors, including pension funds and state corporations, as they demand from the issuers higher liquidity, business transparency and corporate governance.

“We are glad that our shares have been admitted to trading under Level I quotation list on Moscow Exchange, and believe that this is an important event for our shareholders as the liquidity of our shares will improve”, said Dmitry Kononov, Director for Investor Relations and M&A, MegaFon.

This MegaFon share listing upgrade is the third since the company's IPO. Ordinary MegaFon shares were initially admitted to trading under the listing “V”. On 19 August 2013, the Company's ordinary shares were upgraded to quotation list “B”, and at the end of April 2014 they were once again upgraded to quotation list “A2”. Starting from today, the MegaFon' shares are trading in the highest quotation list (Level I) on the Moscow Exchange.

“Admittance to the highest quotation list demonstrates high standards of our corporate governance. We attach great importance to strengthening our corporate governance and implement globally accepted best practices which help to make our management processes open and transparent”, Kononov added.