Eastnine announced in October 2022 that an agreement had been signed with the investment company Sistema PJSFC to divest Eastnine’s entire holding in the Russian fashion retailer Melon Fashion Group (MFG). Eastnine announced in December 2022 that subject to all remaining conditions being fulfilled, the assessment was that the transaction could be completed during the first quarter of 2023. The remaining conditions have not yet been fulfilled and since Eastnine’s and the purchaser’s assessment is that they will not be fulfilled, the parties have agreed to terminate the sale agreement.

Eastnine will continue to seek an exit from its investment in MFG and is in dialogue with potential buyers regarding a sale of its holding in MFG.