OBI to sell business in Russia to national investor

MOSCOW, Apr 12 (PRIME) -- German retailer of home improvement supplies OBI plans to sell its business in Russia to a national investor, Boris Lyuboshits, founder and chairman of the board of directors of Audit Group who also has a mandate to conduct the deal, told PRIME on Tuesday.

Vedomosti business daily reported earlier that Lyuboshits might receive the Russian chain of OBI stores in trust.

“The foreign management decided to sell the business in Russia. That is why it is not about trust management, but about a mandate for a deal to sell the company. There is a national investor, but we are not allowed to disclose their name without their approval or comment on the financial conditions of the deal. The new owner is to decide to reopen the stores,” he said.

OBI announced closure of stores and a full suspension of operations in Russia on March 17.

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