Magnit triples share buyback limit for non-residents to 29.8%

MOSCOW, Jun 28 (PRIME) -- Russian retailer Magnit has tripled the limit on the buyback of shares from non-residents to 29.8% because of a high interest, the company said in a statement on Wednesday.

"Magnit, one of Russia’s leading retailers, notifies that LLC “Magnit Alyans”, a wholly owned subsidiary of Magnit, announces the decision to increase the size of the Tender Offer to 30,370,000 of outstanding shares of Magnit, or up to 29.8% of Shares outstanding," the company said.

The company earlier presented a buyback offer for foreign investors for up to 10% of the shares at 2,215 rubles per share.

(85.0504 rubles – U.S. $1)

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https://www.magnit.com/upload/iblock/830/a7r182oc5g04py0ngth4mcedeceyng43/Magnit%20Announces%20an%20Increase%20in%20Size%20of%20the%20Tender%20Offer.pdf