The parent company of Tinkoff Bank and Tinkoff Insurance, TCS Group, announced plans to withdraw global depositary receipts from the London Stock Exchange in the context of the suspension of trading in the securities of these companies from March 3 of 2022.
Intefax reports this with reference to a message from a group of companies.
Since April last year, TCS Group maintains the status of a company changing jurisdiction from Cypriot to Russian (the next discussion between shareholders is scheduled for January 8).
Since trading in TCS receipts has been suspended since March, the management of the company, in which Vladimir Potanin’s Interros owns a key stake (35%), came to the conclusion that it would be logical to withdraw the GDR (global depositary receipts) from the London Stock Exchange list.
To do this, the Group must submit a formal application to the UK Financial Conduct Authority (FCA).
If the procedure goes as planned, it can be expected that the TCS Group’s GDR listing on the London Stock Exchange will be completely canceled before January 31, 2024.
Author:
Ekaterina Alipova
Source: RB
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