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The buyback attracted more than 300 investors from 25 countries, including various types of funds, family offices, and individual investors, according to a statement by Magnit.
As a result of these transactions, Magnit's wholly-owned subsidiary, Magnit Alyans, now holds 29.7% of the company's shares. The total cost of the shares acquired by Magnit Alyans was approximately 66bn roubles ($735.6mn), based on calculations by Reuters.
The purchase price for all the shares in the buyback was set at 2,215 roubles per share, representing a discount compared to the company's Moscow-listed shares, which were trading at around 6,260 per share on the day of the announcement.
It's worth noting that the Kremlin typically requires a discount of at least 50% on asset sales involving foreigners.
2.10 Russian business and consumer confidence https://rosstat.gov.ru/central-news?page=1
22 RUSSIA Country Report December 2023 www.intellinews.com
