9 Apr 2024 10:39

Abramov and Frolov business structures exit as shareholders of Russian retailer Azbuka Vkusa

MOSCOW. April 9 (Interfax) - Structures associated with Evraz founders Alexander Abramov and Alexander Frolov have decided to withdraw from the capital of retailer Azbuka Vkusa, the retailer's investor relations website said.

The site did not disclose the ex-shareholders' stake in the business. Bavero Group JSC will become a new shareholder of Azbuka Vkusa.

Meanwhile, a spokesperson for the retailer told the Shopper's trade publication that the deal had already closed. Interfax has requested additional information.

The Unified State Register of Legal Entities shows that Bavero Group JSC was registered in Perm in October 2023. The company's founders are not indicated in the Register entry. The general director is Maxim Levanov.

The Azbuka Vkusa website describes the company's shareholding structure as follows: 39.6% belongs to Russian Investment Funds, 25.7% belongs to Chairman of the Board of Directors and Founder Maxim Koshcheenko, 17.2% belongs to another founder Oleg Lytkin, 3.1% belongs to management, and 14.4% belongs to "other" shareholders.

Azbuka Vkusa operates a retail chain of 168 stores in Moscow and St. Petersburg. Earlier, Interfax sources reported that the retailer was considering a future IPO on the MOEX.

Azbuka Vkusa's revenue for 2023 was over 86.3 billion rubles, while net profit totaled 812 million rubles versus a loss in 2022.