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Belarus' Eurotorg plans to list on LSE, appoints directors

Belarus-based grocery chain Eurotorg LLC on Oct. 11 confirmed its intention to list on London Stock Exchange.

The total offering size is expected to be more than US$300 million. About US$200 million will be raised from primary proceeds, while about US$100 million of shares will be sold by a core shareholder group comprising Chief Executive Andrei Zubkou and board members Uladzimir Vasilko, Sergey Litvin and Aleksandr Litvin.

The offering consists of global depository receipts representing interests in ordinary shares in the company.

The company expects to sell its subsidiary StatusBank, a bank with 16 branches across Belarus, to the core shareholders after the completion of the offering for a consideration of 45.2 million Belarusian rubles.

Eurotorg also announced the appointment of Piotr Nowjalis, Yulia Solovyeva and Nick Katselapov as independent nonexecutive directors.

Nowjalis was CFO and vice president of the management board at CCC S.A. from 2008 to 2017.

Solovyeva is the director of business operations for EMEA emerging markets at Alphabet Inc.'s unit Google Russia. Solovyeva is also an independent nonexecutive director at Lenta Ltd.

Katselapov is currently the chief business development officer of video game business Wargaming Group.

As of Oct. 10, US$1 was equivalent to 2.15 Belarusian rubles.