May 14, 2018 / 1:49 PM / 11 days ago

INTERVIEW-Russia's O'Key may consider IPO for discount unit-CEO

MOSCOW, May 14 (Reuters) - Russian food retailer O’Key Group may consider listing its discount store business once it turns profitable, O’Key Chief Executive Miodrag Borojevic said in an interview.

The company, which was originally focused on large hypermarkets, started the discount business in 2015.

In 2017, O’Key sold its supermarket business to tighten focus on discounters and compact hypermarkets.

“In one moment in which Da! starts to be profitable, it’s possible maybe to go with an IPO of Da! and make an escalation of investments and expansion,” Borojevic told Reuters.

“We will see which variant is for us better but definitely we will not stop, in one or other way we will not stop with the expansion of Da! We are close to breakeven with discounters and we expect to bring this format also in profitable numbers in the next 12-18 months,” Borojevic added.

Reporting by Maria Kiselyova and Olga Sichkar Editing by Keith Weir

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