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Magnit starts buyback program for up to 16.5B rubles worth of shares

Russian food retailer Public Joint Stock Co. Magnit said Sept. 5 that it commenced its previously announced buyback program to repurchase up to 16.5 billion Russian rubles worth of shares.

Magnit's subsidiary, JSC Tander, entered into an agreement with Renaissance Broker LLC to repurchase the shares on the Moscow Exchange from Sept. 5 to Dec. 28.

The program is being carried out to help ensure that Tander has enough shares to meet any obligations to deliver shares that may arise under Magnit's proposed long-term incentive plan. The plan was outlined in the group's announcement July 26. At that time, Magnit said its board agreed to deploy capital to improve the company's supply chain and logistics infrastructure.

As of Sept. 5, US$1 was equivalent to 68.42 Russian rubles.