Cian to launch buyback with start of trading on MOEX, prepared to spend 3 bln rubles

MOSCOW. April 1 (Interfax) - IPJSC Cian , the parent company of Russian online real estate classifieds platform Cian, will launch a buyback of its shares for a period of 12 months, the company reported.

The buyback will begin at the same time that the company's shares start trading on the Moscow Exchange on April 3, Cian CEO Dmitry Grigoryev said in the company press release.

Cian is prepared to spend up to 3 billion rubles on the buyback, the goal of which is to support the company's share price. The buyback will be financed with the company's cash, which totaled 9.2 billion rubles at the end of 2024.

The company also confirmed that management intends to put the issue of paying dividends, including a special dividend, to the board of directors before the end of 2025.

Cian's dividend policy calls for paying out 60% to 100% of adjusted net profit for the relevant period.

The company's net profit rose to 2.46 billion rubles in 2024 from 1.69 billion rubles in 2023.