Galitsky confirms plans to reduce Magnit stake - analysts
MOSCOW. July 28 (Interfax) - The CEO and principal shareholder of Magnit , Sergei Galitsky will continue to sell shares in Russia's largest retailer, VTB Capital analysts said in a report from the company's day for investors.
Galitsky now holds 35.2% of shares in Magnit. He told analysts at the beginning of 2016 that he planned to sell about 1% of shares in the company annually.
Galitsky sold 1% of Magnit shares through Cyprus-based Lavreno Limited in an SPO in February 2015. Foreign investors bought more than 75% of the shares; the anchor investor was the Russia-China Investment Fund, which was formed by the Russian Direct Investment Fund (RDIF) and China Investment Corporation. Galitsky planned to use the 9.8 billion rubles in proceeds from the SPO to finance outside projects. He owns the Krasnodar football club and is financing the construction of a stadium for it.
Vladimir Gordeichuk owns 2.5% of shares in Magnit and Andrei Arutyunyan holds 0.2%, according to a list of affiliated parties. The free float is more than 50%. Magnit GDR are listed on the London Stock Exchange and the retailer's shares are traded on the Moscow Exchange .
