O’Key Group SA, a leading food retailer in Russia that has been legally registered as a business entity in Luxembourg since 2001, announced that its board of directors had decided to convene a general meeting of shareholders to approve its redomiciliation to Russia. An extraordinary general meeting has been scheduled for 25 March 2025 to discuss the matter, subject to legal and regulatory compliance.

A spokesperson for O’Key Group, in a written response to Paperjam, reasoned the move by stating, “To improve the efficiency of the holding management, the board of directors of O’Key Group SA decided to redomicile the company’s headquarters from Luxembourg, where they have been historically registered, to the country of the business operations.” The spokesperson further clarified, “Following that approval, the redomiciliation process is not immediate and will require regulatory approvals and procedures in line with the applicable legislation.”

The company stated that it must complete all necessary legal procedures to terminate its operations in Luxembourg before finalising the redomiciliation process. Until regulatory approvals are granted, O’Key Group will continue to operate as a Luxembourg-registered entity.

O’Key opened its first hypermarket in St Petersburg in 2002 and currently manages two food retail chains, O’Key hypermarkets and DA! discounters, which generate all their revenue in Russia. As of 31 December 2024, the group operated 301 stores across the country, including 77 hypermarkets and 224 discounters.

In its 2023 annual report, the latest available, O’Key Group reported revenue of 207.9bn roubles (€2.1bn) and employed over 19,200 people in Russia.