May 5, 2018 / 10:31 AM / 5 months ago

Russia's TCS may issue new shares for potential acquisitions

MOSCOW (Reuters) - Russian online financial services company TCS Group (TCSq.L) may increase its share capital by up to 5 percent which could be used to make potential future acquisitions, its spokeswoman said on Saturday.

On Friday, TCS said that its annual general meeting of shareholders on May 29 would consider a number of issues, including an increase of the share capital.

The spokeswoman said that the group may use the new shares for potential acquisitions of small-to-mid-sized online and fintech players.

The TCS Group, controlled by entrepreneur Oleg Tinkov, includes a bank, Russia’s second largest player in the credit card market, and an insurance company. TCS Group’s market capitalisation stood at $3.9 billion (2.88 billion pounds) at the close of Friday, according to the ThomsonReuters data.

Reporting by Tatiana Voronova and Katya Golubkova; Editing by Toby Chopra

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