As previously announced, Eastnine has intended to divest its entire holding (approximately 36 percent) in the Russian fashion retailer MFG. Eastnine has now entered into an agreement with Sistema regarding such divestiture. The transaction is subject to a number of conditions outside of Eastnine’s control, including that approvals are granted by the Federal Antimonopoly Service (FAS of Russia) and the Governmental Commission for Control over Foreign Investments in the Russian Federation, respectively. The transaction is also conditional upon compliance with applicable sanctions. Subject to all conditions being fulfilled, Eastnine’s assessment is that the transaction could be completed during 2022.

Eastnine’s investment in MFG was, as of June 30, 2022, booked at EUR 140 million.

Sistema’s shares are listed on the Moscow Exchange and the company has its depositary receipts listed on the London Stock Exchange.