The European Bank for Reconstruction and Development (EBRD) is making an investment in Uzbek food retail chain Korzinka by acquiring a minority stake in its parent company Anglesey Food for $40 million.
Anglesey Food is owned by Anglesey Investments, a Singapore-incorporated company. The Korzinka retail network comprising 50 ‘korzinka.uz’ and ‘korzinka.uz DISKONT’-branded stores in Uzbekistan.
The EBRD investment will be used for expanding the Uzbek food retail chain. It will be used for nearly tripling the Korzinka stores and also to double its staff to about 10,000 employees by 2023.
The investment in the Uzbek food retail chain will also be used for supporting a variety of operational efficiency measures such as the installation of heat recovery systems, heating, ventilation and air conditioning units and also improved wall and roof insulation.
Korzinka stated: “The expansion of the korzinka.uz retail chain will undoubtedly improve the quality of life in Uzbekistan not only in the capital, but also in the regions due to a high service level, a wide range of food and non-food products, as well as providing more affordable prices.”
Discover more from Business-News-Today.com
Subscribe to get the latest posts sent to your email.
