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Fix Price to change jurisdiction from British Virgin Islands to Cyprus

Fix Price, based in 2007, is a chain of stores with low fixed prices

MOSCOW, February 28. /TASS/. The board of directors of Fix Price has approved the change of jurisdiction of the company from the British Virgin Islands to the Republic of Cyprus, the company said in a statement on Monday.

The board of directors has also decided to convene an Extraordinary General Meeting of shareholders on February 28.

"Fix Price, one of the leading variety value retailers globally and the largest in Russia, today announces that its Board of Directors has determined that it is in the best interests of the company and its shareholders to change the company’s jurisdiction of incorporation from the British Virgin Islands to the Republic of Cyprus as a public limited liability company," the statement said.

Following the re-domiciliation, the company intends to merge with its Cyprus subsidiary, Kolmaz Holdings Ltd., after which the company will be the surviving entity.

The re-domiciliation and merger are expected to simplify the group’s holding structure and may assist it in achieving certain other efficiencies.

Fix Price, based in 2007, is a chain of stores with low fixed prices.

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