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Sistema Public Joint Stock Financial Corporation (SSA.L)

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  • Reuters

    Russia's Sistema buys $256 million stake in Melon Fashion Group after scrapped IPO

    MOSCOW (Reuters) -Russian telecoms-to-healthcare conglomerate Sistema agreed a $256 million deal for a stake in Melon Fashion Group on Wednesday, months after the retail outlet scrapped plans for an initial public offering (IPO) due to the conflict in Ukraine. Based in St. Petersburg on a site that housed a sewing factory in Soviet times, Melon owns four mainly women's fashion brands - Zarina, Befree, Love Republic and Sela - and had 846 stores across Russia, Armenia, Kazakhstan and Belarus at the end of 2021. Plans for an IPO sometime this year were shelved after Russia launched what it calls its "special military operation" in Ukraine.