Stock Exchange Release 16.09.2008
Two subsidiaries of AS Silvano Fashion Group (“SFG”) operating primarily on the
Russian retail market - ZAO Linret (“Linret”) and ZAO Stolichnaja Torgovaja
Kompanija Milavitsa (“STK”) have signed a merger agreement, as a result of
which STK will be merged into Linret.
The new entity will operate under the name of ZAO Milavitsa Linret and will
combine the operations and resources of the two companies. ZAO Milavitsa Linret
will be 49% owned by SFG directly and 51% by SP ZAO Milavitsa, a Belorussian
subsidiary of SFG. The merger will be preceded by a sale of 51% of shares in
Linret to STK.
The merger will contribute to the efficiency of SFG's Russian operations through
decreased administrative expenses and better coordination between the previously
independent sales structures.
Dmitry Ditchkovsky
Chairman of the Management Board
AS Silvano Fashion Group
Ph +372 6 710 700