Russian retailer Fix Price secures permanent registration in Cyprus

MOSCOW. June 16 (Interfax) - Russian retailer Fix Price has obtained permanent registration in Cyprus under the official name Fix Price Group Plc, the company reported.

Fix Price obtained temporary registration in Cyprus in May. The company was previously registered in the British Virgin Islands.

At the end of February, the retailer's board of directors decided to redomicile in Cyprus and company shareholders approved changing Fix Price's jurisdiction from the BVI to Cyprus in late March.

After redomiciling in Cyprus, Fix Price planned to restructure by swallowing its Cyprus-based subsidiary Kolmaz Holdings Ltd., after which Kolmaz will cease to exist. Redomiciling and restructuring are expected to simplify the group's structure and help it increase efficiency, the company said earlier.

Fix Price is Russia's largest fixed price retail chain, with more than 5,000 stores. Fix Price raised $1.74 billion in March 2021 in the biggest IPO ever by a Russian retailer. The company placed its shares on the London Stock Exchange and Moscow Exchange . The deal totalled $1.77 billion after the overallotment option.