Shares in AFI Development, a real estate company focused on developing property in Russia and the CIS, have begun trading on the main market of the London Stock Exchange.

Shares in AFI Development, a real estate company focused on developing property in Russia and the CIS, have begun trading on the main market of the London Stock Exchange.

AFI Development is now the only Russian real estate group with a premium listing of shares on the main board in London. The company announced on Monday that almost 524 million B ordinary shares had been admitted to trading on the exchange under the symbol AFRB.

The B shares have been issued as a bonus issue to shareholders on the basis of one B share for every one ordinary share held as at close on 2 July 2010. The ordinary shares are now designated A ordinary shares, in accordance with the approvals granted at the Company's AGM on 21 May 2010.

AFI Development will retain its current listing of Global Depositary Receipts (GDRs), each of which now represents one A ordinary share. The GDRs will continue to trade under the symbol AFID.

Commenting, Lev Leviev, board chairman, said: 'We believe that the premium listing reflects our commitment to high standards of corporate governance and our leading position within the Russian real estate sector, which we anticipate is poised to resume strong growth. We believe that all our security holders will benefit from the enhanced liquidity that this listing should provide.'