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Russian-Chinese investment fund reached an agreement in principle on investing in the Detsky Mir company
The Russian-Chinese Investment Fund (RCIF) has reached an agreement in principle with JSFC Sistema to invest in Detsky Mir, a leading chain of stores selling goods for children. The press service of the fund reports.
“According to the terms of the transaction, most of the proceeds will be directed to further development, in particular, to open new stores and build additional logistics centers, which will significantly improve the operational efficiency of the company with the largest network of children's goods stores in Russia,” the message said RKIF. The fund's investments will support the development of the network, “by providing modern formats and sales channels for children's goods in Russian regions”.
Today, Sistema controls 100% of the share capital of Detsky Mir. According to the press service of Sistema, the possibility of selling a minority stake in Detsky Mir OJSC to a Russian-Chinese investment fund is being discussed. “The structure and parameters of the deal are now being discussed by the parties, signing of binding agreements is expected until the end of the year after the corresponding corporate procedures and obtaining regulatory approvals,” the company said.
According to Kirill Dmitriev, co-general director of RCIF, the fund’s investments will help Detsky Mir OJSC “improve efficiency and support the improvement of the demographic situation in the country by offering quality children's products at affordable prices.” “Investments will also contribute to the development of the production, logistics and transport sectors in Russia and China,” he added. According to Mikhail Shamolin, President of Sistema JSFC, cooperation with RCIF is “an important stage for Sistema JSFC in expanding its partnership in Asia.”