ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established residential real estate developers, announces that its extraordinary general meeting of shareholders (“EGM”) will be held at 36 Agias Elenis str., Galaxias Building, Block B, 6th floor, office 602, 1061, Nicosia, Cyprus on Thursday, 19 December 2019, at 11 a.m. Cyprus time.
RECOMMENDATION OF THE BOARD OF DIRECTORS
The current auditors of the Company, KPMG, have been auditors of the Company since FY2009 and were re-appointed at the last AGM held on 2 August 2019 to hold office until the conclusion of the next AGM. FY2019 would be the tenth year that KPMG holds the office as auditors of the Company. As part of the ongoing efforts of the Company to enhance its corporate governance as well as to manage its overall business costs and expenses, the Board, based on an unanimous recommendation from the Audit Committee, has concluded that it would be appropriate and timely to effect a change of the auditors of the Company from KPMG to Deloitte. In addition, the Board believes that the proposed change of auditors will enable the Company to benefit from Deloitte’s experience and strengths in both the Russian market and construction industry practices bringing fresh perspectives and views of another professional audit firm and thereby enhance the value of the audit.
The following resolutions will be proposed at the EGM:
SPECIAL RESOLUTIONS:
- To dismiss KPMG LIMITED from the position of the auditor of the Company.
- To appoint DELOITTE LIMITED as auditor of the Company to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting at which accounts are laid before the Company.
- To authorise the Directors to set the auditor’s remuneration.
The Special Notice of EGM, the Form of Proxy, the Recommendation of the Board of Directors and the Letter of acceptance of the appointment from DELOITTE LIMITED were sent to shareholders on 20 November 2019, and copies of these documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM. The Special Notice of Meeting is also available on the Etalon Group website at www.etalongroup.com.
This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.
IR Team
About Etalon Group
Founded in 1987, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company develops real estate projects for the middle class in Moscow, the Moscow region and St Petersburg. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 38 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.2 mln sqm of real estate.
Thanks to its integrated business model, Etalon Group creates added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 6,000 people.
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.5 million sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2024 was RUB 305 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2024 amounted to RUB 131 billion, with EBITDA of RUB 27.6 billion.
Etalon Group shares are traded on the Moscow Exchange (ticker ETLN) and have been included in the Level 2 quotation list since September 2025.