Sources: Russia's O'key to fund expansion with IPO

10/6/2010 | Reuters

O'key, one of the largest food retailers in Russia, aims to use proceeds from a planned initial public offering in London to fund its expansion, according to sources. "There continues to be substantial under-penetration of modern retail throughout Russia, and we believe we have the right business model and customer value proposition to capitalise on the growth opportunity," CEO Patrick Longuet said.

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