21st May 2013 11:24
OJSC MAGNIT - Execution of Related Party TransactionOJSC MAGNIT - Execution of Related Party Transaction
PR Newswire
London, May 21
OJSC "Magnit" Announces the Executionof the Related Party Transaction
Krasnodar, May 21, 2013: OJSC "Magnit", Russia's largest retailer (the"Company"; MICEX and LSE: MGNT), announces the execution of the transaction onMay 21, 2013.
Please be informed that on May 21, 2013 OJSC "Magnit" (the Lender) and JSC"Tander" (the Borrower) executed the related party transaction, according towhich the Lender provides the loan of funds to the Borrower which is to berepaid by the Borrower within the period determined by the contract. Therepayment of the loan and (or) the interest may be effected by the Borrower inadvance, without written notice to the Lender of the loan repayment, by meansof transfer of the loan to the bank details specified in the contract orotherwise not contradictory to the Civil Code of the Russian Federation (offsetof 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 -18.05 .2016 Transaction amount: 2,000, 000,000.00 rubles, which amounts to 2.92% of the balance sheet value of assets of the issuer Interest rate 9.60% per annum The assets value of the issuer 68,422 ,621thousandrublesas of the closing date of thereporting period preceding thetransaction execution and inrespect of which the deadlinefor filing the accounting(financial) report has passed:The transaction was approved by the annual general shareholders meeting(minutes of the annual general shareholders meeting of OJSC "Magnit" № w/№ ofMay 28, 2012).
For further information, please contact:
Timothy Post Director, Investor Relations e-mail: [email protected] Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 7600 Mob.: +7 (961) 511-76-78 Direct line for investors only: +7 (861) 277-45-62 Dina Svishcheva Deputy Director, Investor Relations e-mail: [email protected] Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101 Mob.: +7-961-511-02-02 Direct line for investors only: +7 (861) 277-45-62 Company description:Magnit is Russia's largest retailer. Founded in 1994 by Sergey Galitskiy, thecompany is headquartered in the southern Russian city of Krasnodar. As of March31, 2013, Magnit operates 18 distribution centers and over 7,000 stores (6,209convenience, 153 hypermarkets, and 713 cosmetics) in more than1,600 cities andtowns throughout 7 federal regions of the Russian Federation.
In accordance with its audited IFRS consolidated financial statements foryear-end 2012, Magnit had revenues of $14.43 billion USD and an EBITDA of $1.52billion 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 hasa credit rating from Standard & Poor's of BB. Measured bymarket capitalization, Magnit is now Europe's 2nd largest retailer.
Related Shares:
MGNT.L