According to Fix Price, a Russian retail chain with fixed prices that redomiciled to the Astana International Financial Center (AIFC) last month, it has completed the process of delisting its global depositary receipts (GDRs) from the London Stock Exchange (LSE).
The company has delisted its GDRs from the Financial Conduct Authority’s (FCA) standard listing segment and stopped trading on the LSE’s main market. Each GDR represents a company share with a nominal value of €0.0000374.
In mid-July, Fix Price explained its decision to delist its GDRs from the LSE by stating that there was no rationale for keeping them, as the company had suspended its shares from being traded on the LSE since March 3, 2022, «with no signs of restarting this trading any time soon.»
However, the company has retained its GDR listing on the Astana International Exchange (AIX) under the FIXP.Y ticker. As of Aug. 19, the stock was trading at $1.70.
On July 3, Fix Price announced the completion of its redomiciliation from Cyprus to the AIFC. The company had revealed its intention to move to Kazakhstan at the beginning of October 2023, finalizing this plan in November of that year.
Fix Price also reported a change in its depository bank for the GDRs, replacing the Bank of New York Mellon with RCS Trust and Corporate Services, after the former depository terminated its agreement with Fix Price in mid-June for unknown reasons. The GDR program transfer is expected to proceed as work continues.
«The GDR holders do not need to take any additional actions related to the depository transfer. The GDR program is continuing its operation, and the change won’t affect trading,» a company representative said.
Fix Price’s profits plunged by 50% to $100,995,167 in the first six months, whereas revenue rose by 9.4% to $1,646,998,108. Approximately 70% of the company’s shares are controlled by its founder, Sergey Lomakin, while 27.5% of the stock is traded on the open market.
As of June 30, Fix Price operated 304 shops across Kazakhstan, including 287 company-owned stores and 17 franchise locations in 19 regions and 55 towns throughout the country. Their total floor space exceeds 66,000 square meters.
The majority of Fix Price’s outlets are located in the capital city of Astana (43), the Karaganda region (38), the Pavlodar region (33) and the city of Almaty (30). In Kazakhstan, the company provides jobs for 1,900 people. More generally, Fix Price has 6,700 shops worldwide, many of which are still based in Russia.
