Transmashholding announced plans to re-register its business in the Russian Federation by the end of the year
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The parent company of Transmashholding JSC (TMH), Transmashholding Limited, may be redomiciled from Cyprus to Russia by the end of the year. This was announced by TMH General Director Kirill Lipa.
Kirill Lipa announced the final decision to re-register the parent company TMH from Cyprus in August. Then the company began to study the list of countries for possible redomiciliation. Answering the question today, October 9 “Interfax”whether the company has decided on a new state for registration, Mr. Lipa said: “To Russia.”
Speaking about the timing of re-registration, Kirill Lipa noted that this will probably happen before the end of the year. However, he did not specify which of the two special administrative regions (SAR) he was talking about. There are two SARs in Russia, the so-called internal offshores: on the Russky and Oktyabrsky islands in Primorye and the Kaliningrad region, respectively.
Russian shareholders, including Kirill Lipa, own 80% of Transmashholding Limited. The other 20% is owned by the French concern Alstom, which, according to the head of TMH, is leaving the company’s shareholders due to the imposition of US sanctions. “Alstom is leaving us due to the fact that we got into SDN,” said Mr. Lipa. Updated SDN List, which also includes Transmashholding, USA presented September 14.
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