X5 Group announces the issue of its GDRs on the Moscow Exchange – Kommersant
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X5 Group (operates the Pyaterochka, Perekrestok, Chizhik networks) has announced the issuance of a prospectus for global depositary receipts (GDRs) for trading on the Moscow Exchange. The prospectus will be filed for registration with the Central Bank and published after approval by the regulator, reported company.
“With this step, X5 seeks to ensure continued admission to trading of its GDRs on the Moscow Exchange, which is independent of the company’s listing and admission to trading on other trading floors,” the X5 Group said in a statement. The company notes that it does not expect restrictions on trading its GDRs on the Moscow Exchange. At the close of trading today, August 3, X5 shares traded closer to 2195 rubles. with an increase of 4.72%.
GDRs certify the right of companies to issue shares or convertible bonds abroad and are issued primarily for the European market. A foreign depositary bank is responsible for organizing the issue. GDRs provide an opportunity to list national shares on a foreign exchange and offer securities to foreign investors.
X5 Group is a leading Russian grocery retail company that operates stores of several retail chains: Pyaterochka convenience stores, Perekrestok supermarkets and Chizhik hard discounters. The company occupies a leading position in e-commerce, developing digital businesses Vprok.ru, 5Post, express delivery and Lots of Salmon.
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