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Obuv's parent company increases its share capital

Sep 10, 2020 Russian Federation
Obuv's parent company increases its share capital
The company announced the increase in its share company by saying that funds from the additional issue will be used to implement the company’s strategy for the business’s digital transformation and financial services development
The Board of Directors of OR PJSC, the parent company of Obuv Rossii Group, made a decision to increase the company’s share capital by placing additional shares worth 2.8 billion of Russian Rubles (roughly 31 million euros; 37 million US dollars). Funds from the additional issue will be used to implement the company’s strategy for the business’s digital transformation and financial services development.

“The decision to issue additional shares stems from the change of company’s strategy. We have been implementing this strategy’s main elements since the end of 2019. While dealing with suppliers, we have transferred to the marketplace model; we are reformatting our stores to be mini general stores. We will prioritize the integration into the logistic infrastructure of Russian e-commerce market and development of our own online stores”, commented Anton Titov, CEO of Obuv Rossii Group.

The company is offering 28 264 000 ordinary shares, corresponding to 24% of the previously placed ordinary shares. The par value is 100 Russian Rubles per share (1.12 euros or 1.33 US dollars).

Image credits: Andrew Neel on Unsplash

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