Halyna Gerega, co-founder of Epicenter K LLC, has become an indirect owner of 51.3% shares of Intersport Polska S.A

Halyna Gerega, co-founder of Epicenter K LLC, has become an indirect owner of 51.3% shares of Intersport Polska S.A

Galina Gerega is the co-founder of Epicenter K and the owner of the Solidez OG Fund, the founder of Paravita Holding Limited, which has a private subscription to the shares of the Polish company

Gerega holds ownership of Solidez OG Foundation, based in Liechtenstein, and is the founder of Cypriot company Paravita Holding Limited. As a result of the Paravita Holding's private subscription for Intersport Polska S.A. shares, Gerega indirectly owns 35,957.777 thousand shares of the company, contributing to 51.3% of the share capital and 49.94% of votes.

This development follows an investment agreement signed earlier this year on April 19 between Intersport Polska and Epicenter K, a multi-brand store operator in Ukraine. The agreement outlined a total investment of EUR 10 million, aimed at bolstering the growth of Intersport Polska through the opening of new stores and modernization of existing stores.

Adding to these strategic changes, on November 17, Yulia Maksimenko and Bunde Aivars, Managing and Commercial Directors of the "Intersport Ukraina" division of Epicenter K LLC, have joined the supervisory board of Intersport Polska S.A.

Financial Overview and Future Prospects

In the 2022/23 financial year (ending March 31, 2023), Intersport Polska saw a revenue increase of 3.3% (PLN 239.5 million), but also experienced a considerable increase in net loss (PLN 12.8 million, a dramatic rise from PLN 1.44 million the previous year).

As of the current situation, 35 multi-brand sporting goods stores operate under Intersport in Poland. In late 2022, the company issued 55.3 million shares to raise additional funds (PLN 80 million). However, it posted an annual net loss of 12.8 million zlotys for the financial year April 2022 - March 2023, against a net income of 239,457 zlotys.

Epicenter K and Its Role

Established in 2003, Epicenter K LLC opened its first hypermarket in Kyiv in December 2003. Today, it is expanding Ukraine's largest shopping centers network, "Epicentr," leading the market in retail trade of home and repair goods. The "Epicenter" network will bring 72 operating shopping centers under the "Epicenter" and "New Line" brands in various regions of the country by December 2023.

Considering these developments, the synergy between Epicenter and Intersport could lead to optimizing customer attraction, purchase consolidation, and reduction of logistics costs and risks, as articulated by Marek Kaczmarek, President of Intersport Polska.

Counterpoint: Halyna Gerega's Strategic Indirect Ownership

Amidst these developments, Gerega remains a pivotal figure—the owner of the Solidez OG Foundation and the indirect owner of a significant stake in Intersport Polska. It's clear that her role in the continuity of Intersport Polska amid economic losses carries its weight. As a co-owner of Epicenter, her diverse involvement strengthens the prospect of a resilient Intersport Polska in the coming years.

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