Fix Price starts exchange of GDRs for shares in Russian co

MOSCOW. June 5 (Interfax) - Discount retailer Fix Price is beginning the process of exchanging the Global Depositary Receipts (GDR) of the group's Kazakh holding company, Fix Price Group (FPG) for the common shares of PJSC Fix Price.

The exchange offer is being carried out through Retail Technologies & Solutions Limited, a Fix Price entity.

The exchange will be made at a ratio of one GDR to 158 shares. "The Exchange ratio has been determined on the assumption that after the exchange FPG will remain a controlling person of PJSC Fix Price and certain other foreign businesses of FPG group that are not consolidated with PJSC Fix Price," the company said in a press release.

The exchange applies to holders of Fix Price GDRs held through NSD or SPB Bank, as well as through other depositories. The acceptance period for both on-exchange and off-exchange offers will run until July 4.

GDR holders who do not participate in the exchange will retain ownership of the company's GDRs but will lose access to organized trading on the Moscow Exchange and SPB Exchange following the delisting. Meanwhile, Fix Price will continue trading on AIX.

Furthermore, FPG has decided to delist its GDRs from the Moscow Exchange and SPB Exchange. It is expected that after the completion of the exchange, shares of PJSC Fix Price will begin trading on the Moscow Exchange. Previously, the Moscow Exchange announced the admission of Fix Price securities to its list of traded instruments starting July 9. As reported by the company itself, the anticipated start date for trading is August 6.

Fix Price is Russia's largest fixed-price retail chain operator. As of March 31, 2025, the network comprised 7,282 stores across Russia and neighboring countries, including Belarus, Georgia, Kazakhstan and others.