Magnit Announces Holding of BOD Meeting
OREANDA-NEWS. OJSC “Magnit”, Russia's largest retailer (the “Company”, the “Issuer”, MICEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.
On March 14, 2014 the Chairman of the Board of Directors made the decision to hold the BOD meeting on March 20, 2014 with the following agenda:
Determination of OJSC “Magnit” business priorities.
Approval of the related party transactions.
Determination of the position of the OJSC “Magnit” representative at the exercise of the voting right on the JSC “Tander” shares owned by the Company.
Magnit is Russia's largest retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2013, Magnit operated 22 distribution centers and over 8,000 stores (7,200 convenience, 207 hypermarkets, and 686 cosmetics) in more than 1,868 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS management accounts for 2013, Magnit had revenues of \\$18,202 million USD and an EBITDA of \\$2,032 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is now Europe's 2nd largest retailer.
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