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Sweden’s Eastnine divests stake in Russian apparel retailer

It was reported earlier that the shares were sold to Russia’s GEM Invest company

STOCKHOLM, July 10. /TASS/. The Sweden-based company Eastnine AB has completed a transaction to sell 36% of its shares in Russian apparel retailer Melon Fashion Group (MFG), Eastnine said in its press release.

"Eastnine AB's divestment of the holding in the Russian fashion retailer Melon Fashion Group (MFG) is completed," the company said. The transaction price is about 15.6 bln rubles or the equivalent of 146 mln euro at the exchange rate of 107 rubles per euro, the company informed. "Eastnine immediately initiates exchange of the rouble holdings, which is expected to be completed within a couple of weeks," it added.

It was reported earlier that the shares were sold to Russia’s GEM Invest company.

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