OREANDA-NEWS. December 23, 2010. The EGM of the largest Russian retail chain by the number of stores under management, Magnit, due 20 January 2010, is to contemplate raising several loans worth RUB 3.5 bn loan from Alfa Bank. In line with the meeting agenda, the company shareholders are to consider providing a warranty for CJSC Tander commitments to the bank (Tander is an operational company for Magnit).

The company’s lump-sum commitment under the loans cannot be higher than RUB 3.5 bn, and the repayment period should nor exceed 3 years. The maximum target interest rate is 15%. In addition, shareholders are to select an IFRS auditor for 2010.