VK approves redomiciliation in Russia from Britain and initial listing on the Moscow Exchange
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Shareholders and the board of directors of VK approved the decision to terminate the activities of the VK Company Limited structure, registered in the British Virgin Islands, and create a legal entity in the Kaliningrad region, the company said. VK also intends to delist receipts and bonds from the London Stock Exchange (LSE) and the primary listing of shares on the Moscow Exchange.
The new legal entity VK will be based in a special administrative region on Oktyabrsky Island and will take the form of an international company (MKPAO). Members of the Board of Directors of MKPAO VK will be current members of the Board of Directors of VK Company Limited. The last day for the listing of VK receipts and bonds on the LSE, as expected by the company, will be September 11th. Detailed plans for the initial listing on the Moscow Exchange are not given.
About plans to redomiciliate VK announced in February 2023. The company, which sold its international gaming division My.Games after Russia’s military operation in Ukraine, attributed its plan to the fact that the vast majority of its assets generate revenue in Russia. The LSE, like other foreign exchanges, stopped trading in shares of Russian companies due to hostilities in Ukraine. At the same time, technology companies such as Ozon, HeadHunter and Yandex appealed against the forced delisting of their shares from NASDAQ; the latter succeeded in canceling the exchange’s decision in June.
On the financial performance of the Russian company – in the material “Kommersant” “VK received a loss”.
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