Last week it became known that Sberbank and Evgeny Novitskiy, Vice-President of AFK Sistema, are ready to share a part of the network with the Mosmart top-managers in case they succeed to help it out of pre-bankrupt state. They are to launch an optional program, and within its limits General Director Vitaliy Podolskiy will be able to purchase a 5-percent package. The same part will be shared among Deputy General Director Semyon Slutskiy, Financial Director Victor Shlyopov and their colleagues. Until then Mosmart will have a negative cost: the company is unprofitable at a 9.6-billiard-ruble debt.
Vitaliy Podolskiy, General Director of Mosmart, purchased a small share stock of Rosinter Restaurants Holding Public Corporation (restaurant networks Il Patio, Planeta Sushi, TGI Fridays, etc.). The businessman didn’t reveal the size of the purchased shares. Since July, 2008 Vitaliy Podolskiy has been a member of Board of Directors as an independent director. Following his words, he purchased the shares at an open market after his appointment (26% of Public Corporation is bargained at RTS and MICEX).
Semyon Slutskiy, who was at the origins of launching the Mosmart retail network and recently took the Deputy General Executive Director position, has left the company. Slutskiy has changed his position to Сounsellor of Chairman of the company’s Board of Directors and will not be on its staff. At this position he will concentrate on identifying the strategy and developing the Mosmart business.
The financial business indices of the Seventh Continent for July, 2009 were published. The retailer’s proceeds increased at 12.4% up to 3872 million rubles ($123 million). In January-July 2009 the trade receipts estimated over 27 625 million rubles ($842 million).
The Rosbank managing company refused to support restructuring the second bonded debt of the Seventh Continent and registered an action to the retailer a 111.66 million rubles. Having allowed a default to the second-series bonded debt a 7 billion rubles, the retailer hasn’t met the obligations to purchase the shares a 109 million rubles from UK Rusbank Ltd.
Safinat, the logistics and investment group of companies, started developing the first franchise Pyatyorochka store network in Dagestan. As the company informed, during the first development stage it planed to open 5 stores in Makhachkala till the end of the present year.
While implementing the project of Yedinaya Torgovaya Sistema Tsentrosoyuza Ltd., the 100% sister company of the Russian Central Union of Consumer Communities (Tsentrosoyuz), the Union started launching a new federal store network. A pilot project will be implemented in Ulianovskaya region. As a result about 20 strict-discount stores are to appear in this region.
The Turkish developer Enka, which didn’t manage to sell the Russian network Ramstor (now accounts 19 supermarkets) to other retailers, might reassign it to Sinan Tara, its major shareholder and Chairman of the Board of Directors. Two years ago Enka spent $542.5 million for increasing its share in Ramstores up to 100%. It didn’t manage to cover these investments, which displeased the minority shareholders of the Turkish company.
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At 11 a.m. on August 18, 2009 the pavilions on the territory of the Cherkizovskiy market started to be demolished. Earlier the Moscow government informed that dismantling the market constructions was planned for this September. However, it will take 4 years to clean up the whole territory of the Cherkizovskiy market.
Now some of the Chinese sellers, who earlier worked at the Cherkizovskiy market, have taken a part of the free places at the shopping center Moskva in Lyublino region at the south-east of the capital.
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The Sunrise company, which founder Sergey Bobylyov was accused of swindle and arrested, brought up the business to a close. The retailer dismissed the staff without paying them a 3-month salary and closed its last store in Nizhniy Novgorod. Andrei Asadchev, the former representative of Sunrise (left the job the other day), confirmed that the trade part of the company was not functioning, the sellers were dismissed, and the managers promised to pay off the salary debts. According to Asadchev’s words, now Sunrise is changing its legal name to Sunmart and closed the stores for inventory.
While the creditors are taking the assets of the Sunrise stores of electronic equipment, the Moscow Credit Bank (MCB) received an office in Dzerzhinskiy pereulok, and Alfa is holding an inventory in a hypermarket in Skladochnaya, 1.
The staff of the closed Sunrise store network complained to Mikhail Freedman, the chairman of the supervisory committee of Alfa-Group, about Alexander Gamor, the consortium manager. As it’s stated in the letter, he was the reason of the prolonged negotiations about transferring the Sunrise assets to Alfa.
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The court decided to recover $38.322 million in favour of Nomos-bank from Vladimir Nekrasov, the owner of the perfume network Arbat Prestige, who has lately been released from custody on his own recognizance. Nekrasov was a guarantor to the credit given by the bank to Arbat and Co Ltd., the operational company of the holding. At present this company and other holding structures are at the bankruptcy process, and Vladimir Nekrasov wishes to control it by himself. This might stimulate signing a peaceful agreement between him and the bank.
In the evening of August, 17th the Moscow Arbitrage Court stated the tender, when the Arbat Prestige building in the Prishvina street in Moscow was sold, to be invalid. The owner of the building was Capital Estate Ltd., one of the holding companies, and the building was mortgaged in favour of Nomos-bank for implementing a credit a $50 million given to Arbat and Co Ltd., the network operational company, in October 2005.
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The Federal Customs Service informed that the customs cost of the telephones imported to Russia within the incomplete two months was corrected at more than 11.5 million rubles. As the Service explained, earlier the customs officials often received wrong information about the weight and technical characteristics, as well as of the telephone models, which significantly decreased the customs cost and payments to the budget. The FCS representative didn’t specify who decreased the cost.
Vymplekom, which started to render mobile services under Beeline brand in the countries of South-Eastern Asia, is now occupied with creating its own retail network at this market. It will become the first operator in Vietnam and Cambodia, which retail includes creating the branded mobile sets. The company accounts that this channel will provide up selling to 20% SIM-cards at the Asian market.
It also became known about the agreement between the operator Megafon and the Ion retailer network. The agreement was signed at the beginning of 2009 and is valid till the end of the year. According to its conditions, Megafon will pay bonuses to Ion for implementing the plans of selling the contracts and attracting good clients. In future Megafon plans to widen the agreement with Ion and stipulate the possibility to sell additional services and peorducts.
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Last week the topic of selling the over-the-counter medicine in supermarkets received its continuation. Its selling in the product retail will allow to lower the medicine prices and the major retailers will be able to provide its safety. The representatives of the retail companies think that the “universal” retail is interested in a quite narrow assortment of pharmaceutical drugs.
However, the Ministry of Health and Social Development strongly objects to selling the medicine in supermarkets.
However, abroad the secondary retailers, for instance, Wal-Mart, have been selling over-the-counter medicine for a long time, but the offer from Minpromtorg to allow the same thing in Russia was strongly objected by the local apothecary networks.
The Federal Antimonopoly Service informed that they supported the Minpromtorg’s initiative to sell over-the-counter medicine in the trade networks. The Antimonopoly Service think that this will help stimulating the competitiveness in this industry and lowering the prices for some drugs.
The pharmaceutical market continued loud discussions of the offered amendments to the bill On the medicine turnover, which will be considered in the government at the end of August and later sent to the State Duma. The apothecaries and the distributors will have to share their receipts with the foreign producers.
And the General Prosecutor’s Office actively started controlling the medicine prices: they checked the apothecary networks and suppliers, and the managers of three major pharmaceutical distributors received warnings from prosecutors.
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The company, which manages the child products store Detskiy Mir, received the dead loss a 1.8 billion rubles after January-June 2009. However, its receipts increased a 20.8% — up to 8.3 billion rubles, the gross margin increased a 26.2% and came up to 2.6 billion rubles.
Later it became known that Moscow might receive 25% of Detskiy Mir network as a mortgage. The state guarantees a 1.15 billion rubles of the company Detskiy Mir – Center Ltd. are stipulated in the Moscow budget draft for 2010. As a security Moscow is to demand not less than 25% of the Open Stock Company from the retailer. Now the debt of Detskiy Mir accounts over 8.3 billion rubles, and half of this sum must be returned by the company within a year.
However, the retailer along with the Moscow Property Department answered to this declaration with a joint statement, in which they explained that the Moscow state guarantee program for 2010 stipulates only the debt bond security of Detskiy Mir Center Ltd. a 1150 million rubles issued in December 2005. The payment term is set by May 26, 2015. The conditions didn’t stipulate and are not stipulating the mortgage of any shares of the company either during last years, or now, or in future.
The digest was prepared by Retailer.RU and was translated by iTrex company. Itrex is a translation bureau. It offers written and oral translation, notary certification and a lot more. Itrex does work with every language: European, Eastern languages and others. Itrex does work with every topic: technical, legal, financial, business, etc.
