15 Jul 2010 11:16

Kopeika shareholders to elect new board, decide on supplementary share issue

MOSCOW. July 15 (Interfax) - Shareholders in Russian discount grocery chain Trade House Kopeika will elect a new board of directors at an extraordinary meeting on September 23, the company said in materials.

The board of directors called for the ESM on Wednesday.

In addition, the shareholders will decide on a supplementary share issue and vote on how much compensation to provide to members of the board of directors.

Shareholders of record on July 14 may participate in the meeting.

Kopeika is one of the five largest Russian retail chains, according to Infoline. It had more than 520 stores in operation as of the end of 2009. Revenue was about 56 billion rubles last year. The chain is owned by Nikolai Tsvetkov, who is the main shareholder in Uralsib .