completion of Yandex restructuring postponed to 2024 – Kommersant
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The end of the Yandex restructuring process (MOEX: YNDX) postponed until next year, reports Reuters citing two sources familiar with the negotiations. By data agency, as part of the restructuring, the parent company of the Yandex group – the Dutch Yandex NV – plans to sell the entire Russian business and develop other projects at the international level.
One of the Reuters interlocutors said that the company has made great progress in restructuring and has handed over all documents to lawyers, but Yandex NV is not sure that the process will be completed in December. Another agency source said the asset separation is expected to be completed in the first quarter of 2024.
Earlier today, December 25, the Bank of Russia registered issues of ordinary and preferred shares of types A and B of the international company Yandex joint stock company, as reported on the regulator’s website. The Central Bank added that ICAO Yandex has not been assigned either an INN or OGRN. The press service of Yandex NV, commenting on the regulator’s decision, reported that it is in the process of registering a new company in a special administrative region on Oktyabrsky Island in the Kaliningrad region.
Yandex’s plans to divide its assets became known in November 2022. At the end of October 2023, Yandex NV received permission from the government commission for control of foreign investment for internal restructuring of the group.
Read more about how Yandex can be reorganized in the Kommersant FM article. “Yandex is reviewing strategies”.
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