The statement of the director of Tinkoff Bank about the timing of the redomiciliation caused a fall in the shares of the TCS group on the Moscow Stock Exchange. Investors sell securities to buy them cheaper later. The transfer of TCS Group from Cyprus to the “Russian offshore” should be completed in the first quarter of 2024, said Stanislav Bliznyuk.
TCS Group shares on the Moscow Stock Exchange on Tuesday, January 16, fell by 4.1%, according to trading data.
The fall in the value of the securities of the parent company of Tinkoff Bank was preceded by a statement by the bank’s president, Stanislav Bliznyuk, about the timing of the company’s redomiciliation.
According to Bliznyuk, the re-registration process of the TCS Group of Cyprus in the special administrative region of Russky Island should be completed in the first quarter of 2024.
According to experts, the fall in prices is due to investors selling TCS Group securities in the hope of buying them once the redomiciliation is completed at a lower price.
On Monday, January 15, the shareholders of TCS Group approved the redomiciliation of the company.
Author:
Kirill Bilyk
Source: RB
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