The Bank of Russia registered the issuance of shares and the securities prospectus of MCPAO TKS Holding. The structure was created as part of TCS Group’s redomiciliation to Russia from Cyprus.
After the change of jurisdiction, the parent company of Tinkoff Bank intends to maintain its listing solely on the Moscow Stock Exchange. The company’s Global Depositary Receipts ceased trading on the London Stock Exchange (LSE) on January 31.
However, the delisting procedure was only formal; in fact, TCS Group receipts have not been traded on the LSE since March 2022.
The company’s receipts registered in Russian deposits will automatically be converted into shares of TKS Holding. At 15:55 Moscow time, TCS Group earnings on the Moscow Stock Exchange are trading at 3244 (-0.99%).
Last November, Vladimir Putin met with representatives of big business. According to presidential press secretary Dmitry Peskov, the issue of transferring companies to Russian jurisdiction was discussed there.
Large Russian companies began redomiciliating from 2022. In the summer, VK shareholders and board of directors approved the “move” from the British Virgin Islands to Oktyabrsky Island in the Kaliningrad region. HeadHunter is also planning a jurisdiction change.
Author:
Natalia Gormaleva
Source: RB
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