“Magnit” increased the limit for the repurchase of shares of non-residents three times – up to 29.8%
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The retailer Magnit has increased the share buyback limit from non-resident investors from 10% to 29.8%. Shares are sold at a price of 2215 rubles. for one paper.
PJSC Magnit, one of the leading Russian retailers, announces that OOO Magnit Alliance, a wholly owned subsidiary indirectly of Magnit, announces an increase in the size of the tender offer to 30,370,000 shares, or 29, 8% of all issued and outstanding shares, ”says a message on the company’s website (.pdf).
On June 16, Magnit put forward an offer to foreign investors to buy out up to 10% of its shares at a price of 2215 rubles. per share. This is a 50% discount price that has been approved by the Legal Commission for the Control of Foreign Investments.
Those who agree to buy back the shares will receive funds for them in Russian rubles or (only for non-resident shareholders) US dollars, euros or Chinese yuan to bank accounts in Russia or abroad.
At the same time, non-resident shareholders should keep in mind that a transfer to Russian bank accounts will require additional approval from the Russian authorities in order to exchange this amount for foreign currency or transfer it abroad.
Magnit is one of the leading Russian retailers. On March 31, 2023, Magnit had 27,909 stores in 4,114 locations in Russia and Uzbekistan.
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