26th Jun 2008 07:00
Press-release
Krasnodar
June 26, 2008
OJSC "Magnit" announces the results of the annual general shareholders' meeting
Krasnodar, June 26, 2008: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the annual general shareholders' meeting.
Dear Ladies and Gentlemen!
We would like to inform you that the annual general shareholders' meeting of OJSC "Magnit" was held on June 25, 2008. The results of the meeting are as follows:
2007 annual report of OJSC "Magnit", 2007 annual accounting report, including profit and loss statements (profit and loss accounts) of OJSC "Magnit" as well as profit and loss appropriation of OJSC "Magnit" in accordance with FY2007 results were ratified; board of directors and auditing committee of OJSC "Magnit" were elected, the auditor of OJSC "Magnit" of the Russian accounting standards and the auditor of OJSC "Magnit" of the international financial reporting standards were ratified; the functions of the counting commission were assigned to the registrar of OJSC "Magnit"; the interested party transactions were approved.
For further information, please contact:
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Oleg Goncharov
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Director, Investor Relations
e-mail: [email protected]
tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100
Mob.: +7 (903) 411-40 -35
Direct line for investors only: +7 (861) 277-45-62
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Dina Chistyak
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Manager, 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
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Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is a holding company for a group of entities that operate in the retail trade under the "Magnit" name. The chain of "Magnit" stores is one of the leading operators in the Russian food retail market. As of December 31, 2007 the chain consisted of 2,194 convenience stores and 3 hypermarkets in more than 700 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with a population of less than 500 thousand. Most of its stores are located within the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of December 31, 2007 the Company operated an in-house logistics system consisting of 8 distribution centers, employing automated stock replenishment systems and a fleet of 802 vehicles.
In accordance with the audited IFRS consolidated financial statements, for 2007, the Company posted consolidated revenues of approximately US$ 3,677 million and a consolidated EBITDA of around US$ 219 million.
Related Shares:
MGNT.L