M.Video-Eldorado Group, Russia’s leading e-commerce and consumer electronics retailer (MOEX: MVID) announces potential changes in its shareholder structure.
Said Gutseriev, the major beneficiary owner and member of the Board of Directors of M.Video-Eldorado Group, informed the Group that he had reached an agreement to dispose of his stake in PJSC M.video (owned directly and indirectly) to a group of Russian businessmen.
The transaction is expected to be closed by the end of 2022 and is subject to finalization of binding documentation, regulatory and corporate approvals as well as lenders’ consents.
Mr Gutseriev noted that he plans to remain on the Board of Directors of the Group for as long as new investors need to support the continuity of the current corporate governance practices. He expressed confidence that the new owners will ensure the further implementation of the adopted business strategy, the continuity of operating model, management team and corporate values of the Group, as well as act in the best interest of customers, employees and partners.