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Magnit given go-ahead to place shares
RBC, 28.03.2008, Moscow 15:20:05.The Federal Financial Markets Service (FFMS) has given the green light to the Russian retail chain Magnit to place 11,522,000 common registered non-certificated shares abroad, the regulator stated in a decision issued on March 20. Magnit officially announced on Wednesday, March 26, that it intended to make an SPO of 11,300,000 additional shares, as well as the existing shares owned by Lavreno Limited. The company is planning to use the proceeds from the flotation to develop its hypermarket format, expand its convenience store chain, and improve logistics. Magnit is set to list the shares not only on Russian trading floors, but also abroad in the form of GDRs.
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