MOSCOW, January 4. Russian-Chinese investment Fund (RCIF) has closed the acquisition of 23.1% of OJSC “Detsky Mir” CJSC “GM Finance”, subsidiary of OJSC JSFC Sistema, according to a press release from the Foundation.
The amount of the transaction amounted to 9.75 billion rubles.
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According to the Director of RDIF and co-General Director Kirill Dmitriev RCIF, this transaction will allow further development and to facilitate further expansion of the group of companies “Children’s world” on an international scale, including China and other countries.
“The deal fits well into our investment strategy, growth-oriented middle class and its demand for goods, especially in the regions”, – said Dmitriev.
Earlier it was reported that RCIF has already approved more than 10 transactions for further work totalling about a billion dollars, several billions of dollars of projects, including projects involving the integration of the silk road and the Eurasian economic Union.
RCIF is a joint project of RDIF and Chinese state investment company China Investment Corporation.
“The network of shops “Children’s world” belongs to the holding AFK “System” businessman Vladimir Yevtushenkov. In 2014, the “System” has postponed IPO network due to the closure of Western markets for Russian companies due to the sanctions by announcing its intention to sell a stake of up to 10% to private investors.
Group of companies “Detsky Mir” brings together a national retail network of shops “Detsky Mir”, luxury-center “Children’s Gallery “Yakimanka”, the network of shops “ELC – early learning Center” and online stores Detsky Mir and ELC. Detsky Mir completed the first half of 2015 with a net profit on US GAAP in the amount of 368 mln. against RUB 315 million loss for the same period in 2014.