Source: Russia’s Sistema, RCIF cancel SPO of Detsky Mir

MOSCOW, Mar 13 (PRIME) -- Russian multi-industry holding Sistema and the Russia–China Investment Fund (RCIF) have cancelled their plans to hold a secondary public offering (SPO) of children goods retailer Detsky Mir, a source familiar with the matter told PRIME on Tuesday.

“They decided to cancel the placement for now,” the source said.

Sistema, Detsky Mir, and the Russian Direct Investment Fund (RDIF) – a co-owner of the RCIF – declined to comment.

In December 2017, Sistema and the Russia-China Investment Fund cancelled an SPO of Detsky Mir, as the company’s shares were arrested under on an oil major Rosneft’s suit against Sistema. The sides planned to sell 6.3% in Detsky Mir for 4.185 billion rubles.

Later, the arrest was lifted in line with an amicable deal of Rosneft and Sistema. In early February 2018, Sistema’s core owner Vladimir Yevtushenkov said that the company may hold the SPO of Detsky Mir in March and raise the offering from 6.3% to 25%.

(56.6122 rubles – U.S. $1)

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