Russian food retailer O'Key Group has announced that its board of directors has approved the its plan to apply for a listing of O'Key’s global depositary receipts (GDRs) on the Moscow Exchange.
The company expects to commence trading in Moscow from December 2020.
Chairman of the board of directors of O'Key Group, Heigo Kera, commented, “Listing on Moscow Exchange is designed to significantly strengthen O'Key’s positioning and boost the liquidity of its 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 building on its track record to grow its market capitalisation and strengthen its investment case.”
The food retailer added that it is to continue with its primary listing on the London Stock Exchange, where O'Key’s GDRs have traded since 2009.
'Competitive Retail Portfolio'
According to O'Key Group CEO, Armin Burger, the company has created a “competitive retail portfolio” and its well-established market position enables it to continue to grow and deliver cash returns to shareholders amid a challenging year.
Burger added “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.”