TCS Group shareholders approved the change of jurisdiction from Cyprus to Russia – Kommersant
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Shareholders of TCS Group (the parent structure of Tinkoff Bank) at an extraordinary meeting approved the redomiciliation of the group from Cyprus to the Russian special administrative region (SAR), reports Interfax with reference to the company’s statement.
Shareholders approved changes to the charter that will allow the group to continue to operate in a jurisdiction other than Cyprus. The group begins the process of deregistration in Cyprus and re-registration in Russia (this issue was also approved by the shareholders). In addition, further action on redomiciliation was approved. The necessary quorum for making decisions at the extraordinary meeting was present, the group said in a statement.
Against the backdrop of approval of the redomiciliation of the company, the cost of depositary receipts of TCS Group on the Moscow Exchange during trading rose by 2.62% – to 3,443 thousand rubles. for paper. By 19:50 Moscow time, the company’s receipts had slowed down and were trading at RUB 3,392 thousand. per paper (+1.16%).
The fact that the company plans to change the jurisdiction of Cyprus has become known in November 2023. Chairman of the Board of Tinkoff Bank Stanislav Bliznyuk spoke about plans to carry out redomiciliation back in March. Prior to this, the companies of the Interros group of billionaire Vladimir Potanin were redomiciled to the special administrative region (SAR) on the Far Eastern island of Russky. Interros is the main shareholder of TCS Group with a share of 35% (bought it from the founder of the group Oleg Tinkov in April 2022).
Previously, at the meeting of shareholders of TCS Group on November 21, 2023, changes in the company’s articles of association. The company’s board of directors was renewed and its composition was reduced to three people. A quorum of two directors is sufficient to make decisions. Lawyers called the measures preparatory before the planned re-registration of the group from the jurisdiction of Cyprus. On December 13, Daniel Woolf and Mary Trimitiotu left the TCS Group board of directors. Currently, the former head of MasterCard in Russia, Alexey Malinovsky and Tatyana Kuznetsova, remain on the board of directors of TCS Group.
Read more about changes to the company’s charter in the Kommersant article. “Troika for TCS Group”.
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