Russia’s CTC Media has been warned by NASDAQ that it intends to initiate its delisting from the exchange.
According to ComNews, the broadcaster has not conducted a general meeting of shareholders in the past year, which is a violation of the rules of the stock exchange.
As a result, NASDAQ’s administration will hold hearings on the matter in the near future and make a final decision on the delisting. Up until that point, trading in the company’s shares will continue as usual. On Wednesday, January 20, the capitalisation of CTC Media was down 0.53% to $290.4 million.
CTC Media changed hands late last year in order to comply with new restrictions on the level of foreign ownership in media companies operating in Russia.
It is now majority owned by Alisher Usmanov’s and Ivan Tavrin’s YUTV holding.
