Ozon will change its registration from Cypriot to Russian – Kommersant
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On August 23, Ozon CFO Igor Gerasimov announced the company’s plans to change jurisdiction from Cyprus to Russia. He explained the need for redomiciliation by the desire of the holding structure to be “as close as possible” to operating legal entities in the Russian Federation.
“Of course, we want to completely get rid of foreign legal binding on a certain horizon, but we cannot yet announce any specific dates and details,” said Igor Gerasimov in ether for investors, commenting on the results of the company’s work for the II quarter.
“In the circumstances, it certainly makes sense to have the main holding structure as close as possible to our operating and legal entities and our core business in Russia,” Ozon’s chief financial officer explained.
In March 2023, the leadership of the American exchange Nasdaq warned Ozon about the forced delisting of its depositary shares (ADS). The decision was upheld despite two company appeals. The delisting process has not been completed yet.
Today Ozon reported on the results of the 1st quarter. During this period, the company increased its sales turnover (GMV, including services) to 372.628 billion rubles. The indicators increased by 2.2 times compared to the same period in 2022. The holding company Ozon Holdings PLC, headquartered in Nicosia (Cyprus), was established in 1999. Ozon operates in the markets of Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia, as well as China and Turkey.
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