UPDATE: VTB buys 29.1% in Magnit for about 138 bln rbl
(Adds details in last five paragraphs)
SOCHI, Feb 16 (PRIME) -- VTB Bank has acquired a 29.1% stake in Russian retailer Magnit from its founder Sergei Galitsky for about 138 billion rubles, according to Friday statements by the bankТs CEO Andrei Kostin and Magnit.
УWe have just signed an agreement to buy a 29.1% stake in retailer Magnit. This way, VTB Group has become the largest shareholder of Magnit company. The value of the deal is about 138 billion rubles,Ф Kostin said, adding that approval by the Federal Antimonopoly Service is required to close the deal.
MagnitТs shares lost 3% to 4,707 rubles as of 10:10 a.m. Moscow time on the Moscow Exchange. The company said that the stake of Galitsky was sold at 4,660.9 per share.
Galitsky will quit the board of directors and the post of CEO, the retailer also said.
VTBТs First Deputy CEO Yury Solovyov said that MagnitТs board of directors will consider GalitskyТs resignation and appointment of the retailerТs CFO Khachatur Pombukhchan to his post later on Friday.
Magnit also said that it has no plans to change the dividend policy and will pay dividends to its shareholders in the second half of 2018. The company will also consider organizing a buyback this year.
УThe company and the buyer of shares intend to retain the dividend policy and pay dividends to its shareholders in the second half of 2018 already. At the same time, the company plans to study the possibility of fulfilling a buyback plan in 2018,Ф Magnit said.
(56.5918 rubles Ц U.S. $1)