Magnit buys back 16.6% of shares from foreigners

MOSCOW, Aug 10 (PRIME) -- Russian retailer Magnit has completed a buyback program after acquiring 16.6% of shares from non-residents for about 37.4 billion rubles, the company said in a statement on Thursday.

"Magnit, one of Russia’s leading retailers, notifies that LLC Magnit Alyans, a wholly owned subsidiary of Magnit, has completed the purchase of Shares from Shareholders who hold their Shares through the Russian depositary and settlement infrastructure, under the Tender Offer, announced on June 16 2023," the company said.

"The total amount sent to Shareholders holding their Shares through the Russian depositary and settlement infrastructure under the Tender Offer is equivalent to approximately 37.4 billion rubles at the Purchase Price," the statement read.

The company has permits to buy more shares from non-residents and may consider various layouts of structuring of the deal including another tender offer or a series of bilateral deals at a price of 2,215 rubles per share.

(97.3999 rubles – U.S. $1)

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