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Softline separates Russian business from the group — company

It is noted that the differences between the Russian technology market and the international technology market, outside Russia, will remain for the foreseeable future

MOSCOW, October 7. /TASS/. Softline, a global supplier of digital solutions, announced the intention to continue separating the Russian segment of the business from the Softline group, the company said on Friday.

Softline, "the Cyprus-registered global digital transformation and cyber security solutions and services provider today announces its intention to proceed with a separation of its Russian business (‘SLR’) (the ‘Separation’) and issuance of ordinary shares or GDRs [global depositary receipts - TASS] representing ordinary shares in the Company (‘Bonus SLH Securities’) for nil consideration (the ‘Bonus Issuance’ and together with the Separation, the ‘Transaction’)," the company said.

The separation depends in particular on the approval of Russian regulators, Softline noted. "The announcement of the Transaction follows a review initiated by Softline in May 2022 to adjust the Softline Group’s assets and ownership structure in order to optimize value for all of its stakeholders," the company added.

"The differences between the Russian technology market and the international technology market, outside Russia, will remain for the foreseeable future. The lack of liquidity in the GDRs is also likely to remain for the foreseeable future," Softline said.