Retailer X5 Group, which operates the Pyaterochka, Perekrestok and Chizhik retail chains, will complete its move from the Netherlands to Russia by the end of 2024. This was announced by Polina Ugryumova, director of corporate finance and investor relations at X5 Group, at the Capital Markets Forum, RBC writes.
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Trading of shares of the Russian ICS 5 on the stock exchange will begin only after the move, but the securities are already traded on the over-the-counter market. The company previously stated that trading of the retailer’s securities on the Moscow Exchange could resume closer to September or October.
X5 Group also added that they will implement a new dividend policy “as soon as the retailer emerges from a state of uncertainty.” The company did not pay dividends in 2022 and 2023, but the money “will be distributed to shareholders in one way or another.”
“We will offer a clear, good and predictable policy, where analysts, professional market participants and retail investors will understand what they can expect,” Ugryumova said.
In March, the Russian government included the X5 Group asset manager in the country, LLC Corporate Center ICS 5 (now PJSC), in the list of economically significant organizations. This allowed the Ministry of Industry and Trade to initiate proceedings in the arbitration court of the Moscow region, as a result of which X5 Group lost its corporate rights to its Russian subsidiary.
The Dutch company attempted to challenge the court’s decision, but the appeal was rejected. In September, X5 Group filed an appeal; the case will be heard on 21 November.
In April, trading in X5 Group depositary receipts on the Moscow Stock Exchange was suspended after the Ministry of Industry and Trade filed a lawsuit to suspend its corporate rights in ICS 5.
Author:
Bogdan Muzychenko
Source: RB
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