MOSCOW, Mar 11 (PRIME) -- Russia’s TCS Group, which includes Tinkoff Bank, plans to suspend dividend payments in 2021, and to use part of capital to buy back up to 1 million Global Depositary Receipts (GDRs), the company said in a statement on Thursday.
“The group plans to suspend dividend payments for the rest of 2021 to assess the potential of both organic and non-organic growth. The management believes that using part of the capital for additional growth now is the best way to guarantee sustainability and profitability of the business in the future,” the statement read.
“Part of the accumulated capital can also be used to buy back up to 1 million GDRs to finance the MLTIP obligations, as it was earlier announced to the market,” he added.
The company’s GDRs fell by almost 4% following the news, but then recovered. As of 12:08 Moscow Time, the GDR was seen 0.79% lower.
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