22/04/2008 Exchange is delighted to welcome Magnit to the London markets.
22 April 2008
The London Stock Exchange is delighted to welcome Magnit to the London markets.
The company’s GDR issue is the 100th CIS Company to list on the London Stock Exchange and will supplement existing Magnit listings on the RTS and MICEX stock exchanges.
Based in Krasnodar, in the Southern region of Russia, Magnit is one of the largest food retail chains in Russia with around 2,200 stores and 3 hyper markets, located in more than 700 cities and towns across the Russian Federation.
Sergey Galitskiy, CEO of OJSC Magnit, said:
"Listing on the London Stock Exchange is an important stage in our company's development. The proceeds of the flotation will help us to continue to expand and will strengthen the company's market position.”
Tracey Pierce, Head of Equity Primary Markets at the London Stock Exchange, said:
“We are delighted to welcome Magnit to our markets today. They have become the 100th company from the region on our markets, trading alongside some of the biggest names in Russian business."