TCS Group shareholders will discuss the possibility of a share buyback by the board of directors
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TCS Group (holder of 100% shares of Tinkoff Bank; MOEX: TCSG) announced a general meeting of shareholders on November 21. During the meeting, the issue of granting the board of directors the right to repurchase shares or depositary receipts will be considered, it follows from messages companies.
TCS Group shareholders also plan to discuss the re-election of Kiteserve Limited as the group’s auditor. In addition, the agenda includes consideration of the issue of reappointing to the board of directors the former head of the Russian office of MasterCard Alexey Malinovsky, former Goldman Sachs analyst Dmitry Trembovolsky, as well as a number of other employees of the group.
TCS Group is the parent company of Tinkoff Bank and Tinkoff Insurance. In November 2022, TCS Group shareholders allowed members of the board of directors to buy back part of the group’s shares and depositary receipts in the amount of up to 10% of the authorized capital. According to the group’s IFRS report for the first half of 2023, TCS Group’s net profit amounted to almost 36.6 billion rubles. and 8.2 times higher than the figure for the same period last year (RUB 4.5 billion).
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