Spokesmen for both companies said Perekryostok bought the shares on international markets.
Perekryostok wants to use floor space owned by GUM -- both next to Red Square and elsewhere in Russia -- to create shopping centers in Moscow and the regions.
No details were given on the purchase.
Perekryostok chairman Lev Khasis said the shares were bought through ADRs and one of the sellers was New Century Holdings Advisors.
A representative of New Century, Grigory Finger, is a member of GUM. Finger would not comment on the sale.
A GUM source confirmed the sale was made in ADRs and Pavel Teplukhin, president of Troika Dialog and a member of GUM's board of directors, said an ADR buy-up was the most likely scenario.
A top GUM manager who asked not to be identified said the stake was probably larger than 10 percent.
"Otherwise Perekryostok would not announce it," the manager said.
Khasis would not confirm or deny that the stake was larger than 10 percent.
GUM spokeswoman Galina Sinelnikova said she did not know the size of the stake.
Teplukhin said GUM does not have a controlling shareholder and major shareholders in the company hold stakes of 25 percent to 30 percent.
A source within Perekryostok said the company intends to enlarge its stake in GUM.
Perekryostok last week called the purchase a strategic investment. The company said in a statement that the stake in GUM would allow it to expand its share in the nonfood goods sector and boost floor space by 45,000 square meters to 95,000 square meters.
Analysts were puzzled by the move, saying it would be possible for Perekryostok to create joint projects with GUM without owning part of it.
"It would be understandable if they were talking about increasing the company's capitalization," said Natalya Zagvozdina, a Renaissance Capital analyst, referring to Perekryostok's plans to hit international markets in the next two to 2 1/2 years. "But the central GUM building is not up for sale. It is classified as an architectural monument and is used on a long-term lease [from the government]."
According to GUM's 2001 GAAP results, its turnover equaled $83.3 million with net profits of $11.2 million. Sales in Perekryostok's 43 supermarkets equaled $252 million in 2001 with profits of $16 million.
Alfa Group holds a controlling stake in the company. Seventeen percent of the supermarket chain is owned by third parties.
Nominal holders of GUM shares include the Bank of New York with a 44.02 percent stake, investment company Deloviye with 10.25 percent, J.P. Morgan International with 6.98 percent and Obyedenyonaya Depozitarnaya Co. with 6.01 percent.
Real shareholders include the Parizhskaya Kommuna factory, whose general director, Alexander Nikitin, heads GUM's board of directors; Mosexpo; Prospekt; Troika Dialog; and company management.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.