American Depository O’Key wants to terminate the agreement on global depositary receipts
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Retailer O’Key received notice from the depositary bank Bank of New York Mellon of its intention to terminate the depository agreement for global depositary receipts. Company in message to shareholders notes that receipt of notice does not mean immediate termination of the GDR program.
“After receiving notice, the company has 90 days to appoint a new custodian and a minimum of 90 days to terminate the program if such a successor is not appointed. The team is currently working through all possible scenarios in connection with the notification received. The company’s decision on this matter and other material information will be published at the appropriate time when appropriate,” the statement said.
The O’Key company was founded in St. Petersburg in 2001, the first hypermarket opened in 2002. As of September 2023, the group operated 296 stores: 77 hypermarkets and 219 “Yes!” stores.
The structure of the O’Key network, Dorinda JSC, as Kommersant found out earlier, sold part of its property. The company’s reporting for 2023 indicates that plots were sold on the Minskoye Highway in Odintsovo, Moscow Region, in the village of Vinsady in the Predgorny District of the Stavropol Territory and an unfinished hypermarket building in the Kirovsky District of Ufa. Among the assets that were planned to be sold, a hypermarket of 14 thousand square meters still remains on the company’s balance sheet. m on Raahe street in Cherepovets, Vologda region.
Read more in the Kommersant article. “Hypermarkets did not come out to be built”.
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