Elias Neocleous & Co’s Financial

Services team assisted the Zarenkov family on Cyprus corporate

and financial services law matters in their February 2019 disposal of a 25%

shareholding interest in Etalon Group Plc to Sistema PJFC, a publicly-traded

diversified holding company. Etalon Group Plc, one of Russia’s largest and

longest established development and construction companies,  is a

Cyprus public company having Global Depositary

Receipts (GDRs) traded on the Main Market of the London Stock Exchange since

2011. The relevant public announcements on this transaction are available in

the website of the London Stock

Exchange and of Etalon Group Plc.

In this transaction, our Financial

Services team worked together with the Moscow office of Ernst

& Young (CIS) B.V., as instructing counsel and as to matters of Russian

law, and the London office of Gowling WLG as to matters of UK law.