JSC VTB Bank (VTBR)
VTB Group relays the following statement made by Marathon Group in relation to its earlier announced intention to sell the stake in PJSC "Magnit:
Marathon Group announces intention to acquire approximately 12.88% of the ordinary shares of PJSC "Magnit" ("Magnit" or the "Company") from VTB Group. It is expected that the remaining 4.40% stake in the Company owned by VTB Group will be offered to institutional and individual investors through an accelerated bookbuilding (the "Offering"). Marathon Group will acquire Magnit's shares from VTB Group at a price per share to be determined in the Offering.
Details of the Acquisition of Magnit's Shares from VTB Group:
Alexander Vinokurov, Marathon Group President: «Back in 2018 upon our initial investment into Magnit we claimed that with certain efforts from management team and shareholders the Company would regain its leadership among Russian retailers. Today we see that it succeeded. Given impressive results of Magnit throughout the past three years and huge potential for the retail sector and company's prospects, we decided to increase our stake in the capital of Magnit».
«Our investment in Magnit is long-term. There is no plan to further increase our stake up to a controlling one and it is our interest that the Board composition retains a majority of independent directors in line with best practices of corporate governance already established in the company", - says Vinokurov.
|EQS News ID:||1250425|
|End of Announcement||EQS News Service|