MOSCOW, June 3 Russia's biggest search engine
Yandex NV said on Tuesday its shares would start
trading on the Moscow Exchange, in addition to its
primary listing on Nasdaq.
Russian President Vladimir Putin has led a drive to promote
Moscow's bourse, aiming to tempt back many Russian firms who
list instead on international exchanges such as London and New
York in order to widen their shareholder base and boost their
This same initiative is also pushing for companies with
offshore entities to re-register in Russia and pay taxes.
Netherlands-incorporated Yandex said it would start trading
on the Moscow Exchange on June 4 under symbol YNDX, adding the
listing does not involve any sale of shares by Yandex or its
"This local listing responds to demand from investors in
Russia and benefits Yandex. We anticipate that the listing will
broaden the company's shareholder base internationally and
stimulate investor interest," Arkady Volozh, Chief Executive
Officer of Yandex, said in a statement.
Yandex said in February its board would support the firm
having an additional listing in Moscow and a source familiar
with its plans said on Monday the shares would be admitted to
trading on the Moscow exchange on Tuesday.
Rival internet group Mail.Ru also said in
February it planned to list its shares in Moscow.
Yandex also said it plans to repurchase a portion of its
$600 million bonds from the market.
The board has authorized the company to repurchase its 1.125
percent convertible senior notes due 2018 on the open market at
favourable conditions from time to time, it said.
The company did not specify the limits of the bond
repurchase programme. It placed the notes, convertible into
cash, shares, or a combination of cash and shares, in December.
(Reporting by Anastasia Teterevleva and Maria Kiselyova;
Editing by Sophie Walker)