AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,809 Increased By 41.1 (0.42%)
BR30 29,711 Increased By 311.1 (1.06%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

MOSCOW: The completion of Nasdaq-listed Russian tech company Yandex’s restructuring is expected to be postponed until early 2024, three sources familiar with the negotiations told Reuters on Monday.

Often referred to as “Russia’s Google”, tech firm Yandex was one of the few Russian companies with the potential to become a global business until Moscow sent troops into Ukraine in February 2022.

For more than a year, Yandex and the Kremlin have been engaged in negotiations to try spin off Yandex’s Russian businesses from its Dutch parent company, Yandex NV.

Dutch holding company Yandex NV has been working on a restructuring for months, as it tries to ensure some of its businesses retain access to Western markets despite sanctions against Moscow over the conflict in Ukraine.

The deal was initially expected to be reached in December. Any deal ultimately requires approval from shareholders and Russia’s government.

Yandex declined to comment on the restructuring process.

The company is aiming to recoup shareholder funds through the sale of its main revenue-generating Russian businesses, such as its search and ride-hailing operations. It then plans to develop four other business lines internationally.

One of the sources, speaking on condition of anonymity because the information is not public, said the company had made “great progress” and handed all the documents to lawyers, but it was not clear the work would be completed this month.

Another source said the goal now was to complete the deal in the first quarter, while a third source said it was expected in “the beginning of 2024”.

On Monday, Russia’s central bank registered an issuance of ordinary and preferred shares of a new company called MKAO Yandex, which is being set up in the city of Kaliningrad as part of the restructuring.

Comments

Comments are closed.

fdvfdff Dec 27, 2023 08:50pm
ffdfdf
thumb_up Recommended (0)