Igor Borovikov, the founder of the Softline group of companies, has decided to withdraw from Softline’s shareholders, the company’s press service reported. The sale transaction of 100% of Softline to a fund managed by TETIS Capital LLC is expected to be finalized until April 30.
“In the near future, employees and management will receive direct ownership of up to 15% of Softline JSC shares, which will further synchronize the interests of employees and other shareholders of the company. This will become an additional incentive for the rapid fulfillment of the goals established for the management. The unique long-term incentive option program adopted by Softline will bring employee ownership participation up to 25-30% in the medium term,” Borovikov said.
He also emphasized the importance of creating such a format for participation in the capital of the minority shareholders and owners of Softline GDR, in which they can effectively monetize their relationship with the group.
Market participants will receive all the details in the near future, Borovikov added.
“As for my future, I plan to focus on new investment projects and personal life,” concluded the founder of the company.
Last fall, Softline’s Russian division withdrew from the global corporation. The division of the business was carried out by selling SLR to Igor Borovikov for $1 and diluting his and SGI Limited’s share in the company.
In the same period, sources told Reuters that the spun-off division of Softline will hold an initial public offering on the Moscow Stock Exchange in the third quarter of 2023.
In February, Softline announced the formation of the Board of Directors, which included five company representatives and four independent directors.
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