AFK Sistema refused to buy 47.7% of retailer Melon Fashion Group

piqsels.comAFK Sistema and Sweden’s Eastnine (the main owner of Melon Fashion Group, which runs Zarina, befree, Love Republic and Sela) have ended an agreement to sell a 47.7% stake in the retailer to the party Russian. This is stated in the press service of Eastnine.Eastnine will continue to seek an exit from its investment. At the moment, she is negotiating with potential buyers, specifies the text.The reason for the termination of the contract was non-compliance with its terms. Eastnine expected to close the deal in the first quarter of 2023, but by then not all covenants had been met. As a result, the parties realized “the impossibility of fulfilling these conditions”.AFK Sistema’s press service also reported that the agreement was terminated by mutual agreement.