11/09/2020 | Press release | Distributed by Public on 11/09/2020 06:02
O`KEY Group S.A. (LSE: OKEY, the 'Group' or the 'Company'), one of Russia's leading food retailers, today announces that its Board of Directors has approved the Group's intention to apply for a listing of O`KEY's global depositary receipts ('GDRs') on Moscow Exchange.
All materials published by the Group are available on its website, okeygroup.lu.
O`KEY expects its GDRs to begin trading in Moscow in December 2020. The Group will continue to maintain its primary listing on the London Stock Exchange, where O`KEY's GDRs have traded since 2009.
Armin Burger, CEO of O`KEY Group, said:
'In recent years, the Group has created a competitive retail portfolio based on modern hypermarkets O`KEY and discounters DA!. Our well-established market position, combined with a resilient and flexible business model, enables us to continue growing the business and delivering cash returns to shareholders even amid the unprecedented challenges of this year. The management team has initiated a MOEX listing to provide access to O`KEY's GDRs to a wider range of investors, and believes that this step will contribute to unlocking additional value for shareholders. Management sees significant potential for further growth, which we believe will be reflected in the Group's performance and as a result in its market capitalisation.'
Heigo Kera, Chairman of the Board of Directors of O`KEY Group, commented:
'Listing on Moscow Exchange is designed to significantly strengthen O'KEY's positioning and boost the liquidity of O`KEY's traded securities. The Group continues to enhance its market presence in Russia with a particular focus on Moscow and St Petersburg, and is committed to build on its track record in order to grow its market capitalisation and strengthen its investment case.'