8 Feb 2024 11:47

Public Interest Foundation to remain owner of 'golden share' in Russian Yandex

MOSCOW. Feb 8 (Interfax) - The Public Interest Foundation, established in 2020 in the Kaliningrad special administrative region (SAR) for transferring the "golden share" of Yandex N.V from Sberbank , will retain its role in management even after Yandex's Netherlands-based company completes the transaction to sell the Russian business, the IT company said in a statement.

The Public Interest Foundation currently owns one share in Yandex N.V. and holds a 0.001% stake in Yandex LLC. The materials for the shareholders meeting on Yandex's corporate restructuring, whose main parameters were announced earlier this week, indicate that the Public Interest Foundation intends to vote for the transaction, without which the deal would not be possible. The "golden share" of Yandex N.V., which the Public Interest Foundation owns, would then be acquired by the company itself and subsequently redeemed, according to the document.

The Public Interest Foundation will also be the owner of the "golden share" in IJSC Yandex after restructuring. IJSC Yandex is a holding entity established in Kaliningrad for the group's Russian business, and it will eventually be listed on the Moscow Exchange, the company told Interfax.

The Yandex Managers Fund, which was recently registered in the same Kaliningrad SAR, will hold the second share with special rights. Management will be able to veto decisions on special matters on the board of directors and at shareholders meetings.