Support The Moscow Times!

Magnit Mulls $500M Issue

Retail chain Magnit is considering a new share placement worth at least $500 million to help finance its investment program, Vedomosti reported Monday.

The newspaper quoted two undisclosed investment banking sources as saying the secondary placement, equal to about 4 percent of Magnit's share capital, may take place in the fall.

Magnit last month raised capital expenditure guidance to $1.8 billion from the earlier expected $1.5 billion to keep pace with recovering consumer demand. The SPO would allow Russia's biggest food retailer by stores to avoid a major increase in debt burden as it plans to open between 800 and 1,000 stores in 2011 and renovate hundreds of outlets.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.