AFK Sistema refused to buy a 47.7% stake in the owner of Zarina and Sela – March 5, 2023

AFK Sistema and the Swedish company Eastnine (the main owner of Melon Fashion Group, which manages the brands Sela, Zarina, befree and Love Republic) terminated the purchase agreement 47,7 % shares of a retailer by a Russian company. About it March 5 informs RBC with reference to the press service of Eastnine.

The parties decided to terminate the contract due to the impossibility of fulfilling the terms of the transaction, the report says.

“Eastnine will continue to seek a way out of its investment in MFG and is in dialogue with potential buyers regarding the sale of its stake in MFG,” the company said.

AFK Sistema confirmed that the agreement was terminated by mutual agreement.

A binding agreement for 15.8 billion rubles on the buyout 47,7 % shares in Melon Fashion Group from the Swedish companies Eastnine and East Capital Holding AB, as well as from a group of private investors Eastnine and AFK Sistema were signed last October. With this package, Sistema was to become the main owner of Melon Fashion Group.