Latest news with #RudPedersen
Yahoo
02-04-2025
- Business
- Yahoo
Korzinka secures $110m investment for retail expansion in Uzbekistan
Food retailer Korzinka has secured a €102m ($110m) equity investment in the expansion of its retail operations, furthering the transformation of modern grocery shopping in Uzbekistan. The capital infusion is supported by co-lead investors Abu Dhabi Uzbek Investment and a consortium of Omani sovereign investment funds headed by the Uzbek-Oman Investment Company. The funding follows a previous major investment by the European Bank for Reconstruction and Development (EBRD) in 2020. Zafar Khashimov, founder and chairman of Korzinka, continues to hold the majority stake in the company. The fresh capital is earmarked for propelling growth across Korzinka's diverse retail channels, with an emphasis on consolidating its supermarket presence. The retailer is set to expand its network of Korzinka Mahalla proximity stores and enhance Korzinka Go, its e-commerce platform. Korzinka is also channelling funds into infrastructure projects, including a new 49,000m² class A distribution centre scheduled to become operational in the second half of 2025. Korzinka CEO Rud Pedersen stated: "This investment will supercharge our growth strategy and bring the benefits of even greater scale as we accelerate towards our medium-term goal of more than 1,000 stores. 'Since EBRD's investment in 2020, Korzinka has more than tripled its store footprint and delivered consistent, strong like-for-like sales growth, proving both the growing demand for modern grocery retail and our ability to scale efficiently. With the backing of our new investors, we are well positioned to further drive the growth of modern grocery retail across Uzbekistan, and we look to growing in a similar trajectory over the coming years.' The EBRD has expressed support for the involvement of new investors in Korzinka's expansion. Since acquiring a minority stake, the EBRD has been instrumental in expanding the retailer's store count and solidifying its position within Uzbekistan. Korzinka operates more than 150 stores with an omnichannel approach, and employs more than 10,000 individuals. Korzinka's forthcoming outlets are projected to cut carbon emissions by between 20% and 30% compared with existing stores. EBRD private equity co-head Tamas Nagy, who invested in Korzinka in 2020, stated: 'We have been proud to support Korzinka since 2020, when we recognised the significant opportunities for the company to grow and the impact its development might have on Uzbekistan. Since then, the company has made remarkable progress on all fronts, including embedding high standards of corporate governance and a climate conscious approach to its store designs." "Korzinka secures $110m investment for retail expansion in Uzbekistan" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Ya Biladi
07-03-2025
- Politics
- Ya Biladi
Pro-Moroccan lobbying firm faces scrutiny from Polisario-aligned MEPs
The Danish lobbying firm Rud Pedersen is currently facing criticism from Nordic MEPs affiliated with the Left group, who have launched a campaign to «blacklist the Danish lobbyists of Morocco». The MEPs have also declined an invitation to meet with representatives working on behalf of the firm. «Working for an occupying power, whether directly or indirectly is not just morally wrong; it contributes to a less stable world», the MEPs stated in a letter sent to Rud Pedersen on Thursday, March 6. «We will also actively begin encouraging our colleagues, from across the European Parliament, to adopt a similar approach. Occupation and its apologists should not be welcome», they added. These attacks against Rud Pedersen are part of a broader campaign targeting all companies with economic interests in Morocco, particularly in Western Sahara. The Danish company GreenGo Energy was previously targeted by a similar campaign led by an NGO linked to the Polisario. The initiative by the Nordic MEPs follows a visit to the Tindouf camps on February 16 by Nikolas Nyrop, president of the Danish NGO Global Aktion. This organization had falsely accused Morocco of setting fire to its headquarters in Copenhagen.
