REG - OJSC Magnit - Holding of the BOD

Wed Dec 28, 2011 2:00am EST

* Reuters is not responsible for the content in this press release.

RNS Number : 6550U
OJSC Magnit
28 December 2011
 



 

Press-release

Krasnodar

December 28, 2011

 

OJSC "Magnit" announces the holding of the BOD

 

Krasnodar, December 28, 2011: OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) is pleased to announce the holding of the Board of Directors

 

On December 26, 2011 the Company made the decision to hold the Board of Directors on December 27, 2011 with the following agenda:

 

1.   Approval of the additional agreement to the agreement with the sole executive body of OJSC "Magnit".

2.   Making a decision on the bonus payment to the sole executive body of OJSC "Magnit" based on the results of 2011.

3.   Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the shares of the JSC "Tander" owned by the Company.

4.   Approval of the additional agreement to the agreement of purchase and sales of the share in the charter capital of LLC "Magnit - Nizhny Novgorod".

 

 

For further information, please contact:

 

Oleg Goncharov

Director, Investor Relations

e-mail: Goncharov@gw.tander.ru

Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100

Mob.: +7 (903) 411-40-35

Direct line for investors only: +7 (861) 277-45-62

Dina Svishcheva

Manager, Investor Relations

e-mail: Chistyak@gw.tander.ru

Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101

Mob.: +7-961-511-02-02

Direct line for investors only: +7 (861) 277-45-62

 

Company description:

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of September 30, 2011 the chain consisted of 4,593 convenience stores, 76 hypermarkets and 98 cosmetics stores (drogerie) in 1,325 locations in the Russian Federation.

Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western, Urals and Siberian regions.

 

As of September 30, 2011 the Company operated an in-house logistics system consisting of 14 distribution centers, employing automated stock replenishment systems and a fleet of 3,705 vehicles.

 

In accordance with the unaudited IFRS consolidated financial statements for 1H 2011, the Company recorded consolidated revenue of approximately US$5,471 million and consolidated EBITDA of around US$359 million.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEASAPASNFFEF