Russian structure of X5 says ready to pay compensation to the Dutch holding
In accordance with the requirements established by the law, PJSC X5 Corporate Center is obliged to pay compensation within three months from the date of receipt of the claim, the company added
MOSCOW, November 5. /TASS/. PJSC Corporate center X5, the Russian structure of X5, has received demands from X5 Retail Group N.V. for compensation and will be ready to pay it once the required regulatory approvals obtained, the company said in a statement.
"PJSC X5 Corporate Center, a leading Russian food retailer operating the Pyaterochka, Perekrestok, and Chizhik retail chains, announces that it has received a claim from X5 Retail Group N.V. seeking compensation [in the amount of the market value of the Company’s shares that were not distributed among individuals who became direct owners of Company shares]. <…> The company confirms its readiness for such a payment after receiving the necessary regulatory approvals," the company said in a press release.
In accordance with the requirements established by the law, PJSC X5 Corporate Center is obliged to pay compensation within three months from the date of receipt of the claim, the company added.
X5's Russian structure, Corporate Center X5, was included in the list of economically significant companies in early March 2024, which made it possible to begin the process of forced redomiciliation of the retailer. In late April, the Arbitration Court of the Moscow Region decided to suspend the corporate rights of the Dutch X5 Retail Group N.V. in relation to Corporate Center X5. The latter became the head structure of the X5 retailer in Russia and was transformed into a public joint-stock company.
In July, the Moscow Exchange included the company's shares in the first-tier listing on the platform. In mid-September, Corporate Center X5 announced the completion of the share distribution process.
Meanwhile, the Dutch X5 Retail Group N.V. filed complaints against the April decision of the arbitration court. In particular, the cassation appeal was filed on September 2. As the head office of X5 in Russia reported in September, under such conditions the start date of trading in shares of the Corporate Center X5 on the Moscow Exchange has not been determined and will be announced additionally.