MOSCOW, June 1, 2010 /PRNewswire-FirstCall/ -- IBS Group Holding Ltd ("IBS Group") announces its decision to seek listing of its Global Depositary Receipts ("GDRs") on the Regulated Market Segment of the Frankfurt Stock Exchange.
This decision was approved by the Advisory Board of IBS Group in Moscow on May 29th 2010. The Company intends to initiate the process immediately and obtain its listing before the end of 2010.
Currently, IBS Group's GDRs are listed on the Open Market at the Frankfurt Stock Exchange (Bloomberg code ZY71 GR, Reuters code ZY71.DE).
The Company expects that the listing on the Regulated Market will enhance the Company's profile, increase the transparency regarding its business developments and contribute to the liquidity of the securities. As part of the listing on the Regulated Market IBS Group will fulfill the comprehensive disclosure requirements, such as interim reporting and ad-hoc releases, which will benefit existing investors and allow the Company to expand its investors base.
Commenting on today's announcement, Anatoly Karachinsky, President and CEO of IBS Group, said: "The decision to upgrade our listing to the Regulated Market of the Frankfurt Stock Exchange is the result of our commitment to high standards of corporate governance and investor relations best practice. We believe that the listing upgrade will significantly increase accessibility of our securities for investors and will allow us to attract new institutional investors. We look forward to continue our successful business and create value for our shareholders."
About IBS Group
IBS Group is the Russian hi-tech market leader. The company commands leading positions in the following segments of the local and worldwide IT markets: business and IT consulting, business applications implementation, IT outsourcing, and software development. The Group pursues two principal lines of business, i.e. IT services (IBS IT Services Company) and software development (Luxoft Company). IBS Group has business operations in Russia, the CIS, Europe, USA, Canada and Vietnam. IBS Group is listed among Russia's Top-100 companies by sales of products and services and was named the largest Russian consulting company. The total IBS Group headcount is about 6,000 employees. 36% of the share capital of the Group is held by institutional investors. Shares of the Group are listed on one of Europe's biggest exchanges in the form of global depositary receipts (GDRs).
For further information, please contact: IBS Group Holdings: Dmitry Ivanov (Investor Relations Director) Tel: +7-495-967-8000 Gamid Kostoev (Corporate Communications Director) Tel: +7-495-967-8000
SOURCE IBS Group Holding Ltd