O’Key’s directors approve listing of GDRs on Moscow Exchange

MOSCOW, Nov 9 (PRIME) -- The board of directors of Russian retailer O’Key Group has approved listing of global depository receipts (GDRs) of the company on the Moscow Exchange with the start of trade slated for December, the company said in a statement on Monday.

“O’Key Group S.A. … 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 on Moscow Exchange. O’Key expects its GDRs to begin trading in Moscow in December 2020,” the statement read.

The company will keep primary listing on the London Stock Exchange.

“The management team has initiated a Moscow Exchange 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 capitalization,” the company said quoting CEO Armin Burger.

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