Cian PLC, the leading online real estate classified platform in Russia, has decided to relocate Cian Technology, its current holding company, from Larnaca, Cyprus, to the Special Administrative Region of the Oktyabrsky Island in the Kaliningrad region of the Russian Federation.
“Further plans (post re-domiciliation) include conversion of Cian Technology into an international public joint-stock company (MKPAO) and making a public exchange offer addressed, subject to applicable regulatory restrictions, to other shareholders of the Company,” Cian PLC said.
Cian is a leading online platform for real estate listings in the Russian market. It ranks among the top 10 most popular online platforms globally in terms of traffic (according to SimilarWeb data for July 2019).
Before the decision about its re-domiciliation was made, the New York Stock Exchange Regulation (“Staff”) had delisted the Company’s American depositary shares in 2023.
Even earlier, at the end of 2022, one of its main shareholders, American bank Goldman Sachs, who owned 10.3% of its shares, left Cian’s co-owners. At the same time, an unknown offshore company, Broomfield International, became the owner of 9.4% of Cian’s shares.
Currently, Cian’s business is growing. Revenues for the second quarter and the six months ending June 30, 2024 increased by 21% YoY to RUB 3,231 million (USD 37.7 million).
