M.Video to receive 30 bln rubles from shareholders in March-April to implement new strategy

MOSCOW. March 14 (Interfax) - PJSC M.Video , part of M.Video-Eldorado Group, will receive 30 billion rubles from shareholders in March-April 2025 in order to implement its new strategy for the next three years, the household electronics retailer said.

CEO Felix Lieb said that the first payments from "the new shareholders totaling 11.5 billion rubles have already been received by the company," according to the statement. M.Video's press service has not commented to Interfax on which "new" shareholders were being discussed, simply saying that all information would be disclosed in accordance with the law.

The company has also not specified details regarding the investments, saying that it would announce the process and timeframes for recapitalization later.

"The company will undergo changes at all levels of corporate management, namely the board of directors and senior management," Lieb said without providing details.

Senior management has already developed the retailer's new strategy and the shareholders have agreed to it. The company will presumably focus within the strategy on opening new compact-format stores and closing unprofitable outlets, developing online, expanding regionally, and opening stores in the Commonwealth of Independent States (CIS) countries. The company also plans to focus on creating its own brands and expanding the range of goods and services.

The press service also said that the company would present a detailed strategy this year.

Citing sources, the media in early 2025 reported that the company's owners were negotiating the sale of the chain. Russia's Promsvyazbank , Sberbank , and VTB were among the potential interested parties.

Bilan Uzhakhov, who was CEO at that time, became the group's majority shareholder last year. Uzhakhov indirectly owns 53.633% of the shares in the company through a number of companies, including International Limited Liability Company (ILLC) Erikaria, which directly owns 50% of the company.

SFI , formerly Safmar Financial Investments, which is an investment group controlled by the Gutseriev family, owned 10.37% of M.Video as on December 31, 2023.