MOSCOW, Sep 5 (PRIME) -- Russian retailer Magnit has launched a 16.5 billion ruble share buyback program until than December 28, the company said in a statement on Wednesday.
“Tander (the operating unit of Magnit) has signed an agreement with Renaissance Broker… to fulfill the program. Under the program, the maximum amount of the purchase is 16.5 billion rubles. The fulfillment will start on September 5, 2018 and finish no later than on December 28, 2018,” Magnit said.
The company will purchase only common shares, it said.
Magnit said in August that the buyback is intended for a long-term executive motivation program.
(68.2737 rubles – U.S. $1)
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