19 Feb 2018 18:25

Magnit buyback program could be about $200 mln - CEO

MOSCOW. Feb 19 (Interfax) - A Magnit share buyback program could come to around $200 million, the retailer's CEO, Khachatur Pombukhchan, said on a conference call.

The board of directors will decide on the size of the program, he said.

Magnit said previously that it planned to consider the possibility of a share buyback plan in 2018. A portion of the shares were to be used in the long-term incentives program for management.

It was announced last week that Magnit founder and head Sergei Galitsky would sell a 29.1% stake in the company to VTB for 138 billion rubles in a deal to be closed once clearance is received from the Federal Antimonopoly Service (FAS).

Magnit is Russia's biggest retail chain by number of stores (over 16,000 as of the end of 2017).