Lviv-based Evrotek plans to create branch in Russia

11:03, 15.02.2016 2 min read

Private joint-stock company Evrotek, the former key shareholder of the eponymous retail company of the Evrotek Group (all based in Lviv), plans to open a branch in Russia.

The company has reported in the information disclosure system of the National Commission for Securities and the Stock Market of Ukraine, the decision was made by the company's supervisory board on February 10.

The company said that the branch will fulfill the functions of the private joint-stock company and present it in Russia. The branch will be located at 50, Aviamotorna Street in Moscow.

Private joint-stock company Evrotek was founded in 1995. It is the operating company of the group. It leases property and organizes construction works.

Mykhailo Veselsky founded Evrotek in 1995. At first, the company sold grain and sunflower seeds and supplied fuel to farmers, however in 2003 the company started producing sunflower oil and in three years it occupied 15% of the Ukrainian market, with annual sales worth $95 million. In 2006, Veselsky sold the business to Kernel Group and invested the funds in the creation of the new Fresh retail chain.

Evrotek Group is presently developing five multi-format retail stores chains - Fresh, Arsen, Soyuz, Kvartal and Fresh-market.

Evrotek Group said that as of July 30, 2015, its owners were Veselsky and Horizon Capital.