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Seventh Continent gets credit line from VTB
RBC, 07.11.2008, Moscow 13:11:31.VTB Bank has approved a credit line of RUB 2.5 billion (approx. $92.6m) for the Seventh Continent, the retail chain has reported. The company has already received the first tranche of RUB 500 million (approx. $18.5m) and the money will go towards financing the company's current operations. The credit line was provided as part of the Russian government's effort to support the national retail sector. The Seventh Continent, founded in 1994, is an international retail chain and one of Russia's leading retail operators. The company operates in two main formats: supermarkets and hypermarkets. As of the end of October it had stores in Moscow and the Moscow region (118 supermarkets and 3 hypermarkets), Kaliningrad and the Kaliningrad region (11 supermarkets), St. Petersburg (1 hypermarket), Ryazan (1 hypermarket), Chelyabinsk (1 hypermarket), Minsk (1 hypermarket), Perm (1 supermarket and 1 hypermarket) and Yaroslavl (1 supermarket and 1 hypermarket). 25.2 percent of the company's stock is in free float, trading on the RTS and the MICEX exchanges in Russia. The Seventh Continent's authorized capital of RUB 37.5 million (approx. $1.39m) is divided into 75 ordinary shares with a nominal value of RUB 0.5 ($0.019). The Seventh Continent's net profit dropped 19 percent in the first half of this year, to $42.3 million (in accordance with IFRS), while its net revenue climbed 33 percent to $791.4 million.
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