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En+ Board approves re-domiciliation of En+ Holding Limited in Russia

The Board of Directors of En+ Group Plc approved in principal terms the re-domiciliation of En+ Holding Limite from the Republic of Cyprus to Russia

© REUTERS/Sergei Karpukhin

MOSCOW, August 16. /TASS/. The Board of Directors of En+ Group Plc approved in principal terms the re-domiciliation of En+ Holding Limited (a wholly owned subsidiary of the Company) from the Republic of Cyprus to the Russian Federation, the company says.

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"The decision follows the adoption of the Special Administrative Regions law of the Russian Federation ("SAR Legislation") on 6 August 2018, which allows for the relocation of certain non-Russian companies to Russia. The proposed change of domicile to Russia will allow the Company to benefit from the introduction of new Russian legislation relating to international companies," En+ notes.

The Board of Directors also asked the management to make an additional review of the possible re-domiciliation of the company to Russian in accordance with laws on special administrative regions.

"The Company remains committed to our London listing, but also to the highest standards of best practice in corporate governance and responsibility throughout the Group. Streamlining our ownership structure will create even greater transparency and is in step with international efforts to reduce dependence on "offshore" corporate arrangements," En+ Board Chairman Lord Barker said in a comment.

"The Group was an early corporate supporter of the progressive Russian legislation that makes this improvement to our ownership structure possible and looks forward to being amongst the first major International Russian companies to take advantage of this opportunity, now the new SAR arrangements have been passed into law," the Board Chairman said.

En+ Holding Limited is a wholly owned subsidiary of En+ Group plc and acts as a holding company of its energy segment. The Group is one of the largest energy companies in Russia, with its power plants accounting for about 8% of the installed capacity of the country.

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