The X5 Group, which operates the Pyaterochka, Perekrestok and Chizhik retail chains, has transformed LLC Corporate Center ICS 5 into a public joint-stock company (PJSC Corporate Center ICS 5), it said in a statement.
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The changes occurred in connection with the requirements of the Russian law on the specifics of the regulation of corporate relations in economically significant companies (Article 9 of Law No. 470-FZ of August 4, 2023).
- In March, the Ministry of Industry and Trade asked the Court of Arbitration to suspend the corporate rights of Dutch X5 Retail Group NV in relation to its Russian subsidiary. It was reported that X5 Retail Group NV’s ownership of a stake in the Russian X5 Group creates risks of harm to the X5 division in Russia.
- On May 3, the court decided to suspend the corporate rights of X5 Retail Group NV in relation to LLC “Corporate Center ICS 5”.
The retailer reportedly continues to collect applications from holders of depositary receipts of X5 Retail Group NV for the distribution of shares of PJSC Corporate Center ICS 5.
The law establishes a period of 4 months (from May 3, 2024) for the company to collect such applications and make a decision to include the investor in the list of persons who directly own shares of PJSC “Corporate Center ICS 5” .
Holders of X5 Retail Group NV depositary receipts stored in the Russian depository infrastructure do not need to take any additional actions.
Author:
Anastasia Marina
Source: RB
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