The owner of the clinics “Mother and Child” will change the tax jurisdiction to the Russian
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The Board of Directors of MD Medical Group Investments (MDMG), which operates the Mother and Child clinic chain, has announced plans to remove the company from the register of companies in Cyprus. The head office of the company will be moved to a special administrative region (SAR) of Oktyabrsky Island in the Kaliningrad Region. This was reported in press service companies.
The company will continue to work in the SAR under a new name – “International Company Public Joint Stock Company “MD Medical Group Investments””. The company intends to maintain its listing status on the Moscow Exchange and the Global Depository Receipts (GDR) program.
The head office will be opened no earlier than four months, but no later than nine months after the decision to redomiciliate is made. The end of the redomiciliation process depends on obtaining regulatory approvals, the issuance of which cannot be guaranteed, the MDMG noted.
An extraordinary meeting of shareholders, at which these issues will be discussed, is scheduled for August 31.
Against the background of the announcement of plans to re-domiciliate the company’s receipts on the Moscow Exchange rose by 4.41%, by 16:35 they are traded at 737 rubles. a piece. At the moment, they grew by almost 7%, to 754.4 rubles. a piece.
Mother and Child is one of the largest companies in the Russian private medical services market. It belongs to MD Medical Group Investment, registered in Cyprus in 2010. The main shareholder of the company is founder Mark Kurtzer. In Russia, the company operates 53 institutions: 10 hospitals and 43 clinics in 26 Russian regions.
In June 2023 MDMG stopped listing of depositary receipts on the London Stock Exchange due to the suspension of trading in its receipts. Trading in the company’s GDRs continued on the Moscow Exchange.
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