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Share Name | Share Symbol | Market | Type |
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Magnit PJSC (CE) | USOTC:MGJCL | OTCMarkets | Common Stock |
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Press-release Krasnodar October 1, 2014 OJSC "Magnit" Announces the Executionof the Related Party Transaction Krasnodar, October 1, 2014: OJSC "Magnit", Russia's largest food retailer (the "Company"; MICEX and LSE: MGNT), announces the execution of the transaction on September 30, 2014. Please be informed that on September 30, 2014 OJSC "Magnit" (the Lender) and JSC "Tander" (the Borrower) executed the related party transaction, according to which the Lender provides the loan of funds to the Borrower which is to be repaid by the Borrower within the period determined by the contract. The repayment of the loan and (or) the interest may be effected by the Borrower in advance, without written notice to the Lender of the loan repayment, by means of transfer of the loan to the bank details specified in the contract or otherwise not contradictory to the Civil Code of the Russian Federation (offset of mutual claims, assignment of a claim, etc.). The essentials of the transaction are as follows: Type of transaction: related party transaction Subject of transaction: loan of funds Parties and beneficiaries the Lender -open joint-stock company "Magnit" under transaction: the Borrower- joint-stock company "Tander" Maturity: loan maturity date -28. 09.2017 Transaction amount: 145,000, 000.00 rubles, which amounts to 0.21% of the balance sheet value of assets of the issuer Interest rate: 11.45% per annum The assets value of the issuer 70,383, 864thousandrubles as of the closing date of the reporting period preceding the transaction execution and in respect of which the deadline for filing the accounting (financial) report has passed: The transaction was approved by the General shareholders meeting on September 25, 2014 (minutes of the extraordinary general shareholders meeting of OJSC "Magnit" № w/№ of September 26, 2014). For further information, please contact: Timothy Post Director, Investor Relations Email: post@magnit.ru Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 Dina Svishcheva Deputy Director, Investor Relations Email: Chistyak@magnit.ru Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 Company description: Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2014, Magnit operated 24 distribution centers and over 8,600 stores (7,614 convenience, 226 hypermarkets, and 778 drogeries) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation. In accordance with the reviewed IFRS consolidated financial statements for 1H 2014, Magnit had revenues of $9,979 million USD and an EBITDA of $1,045 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 one of the largest retailers in Europe.
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