FILE PHOTO: A woman walks past a grocery store owned by Russian retailer Magnit in Moscow, Russia November 15, 2017. REUTERS/Tatyana Makeyeva/File Photo
May 25, 2018
ST PETERSBURG (Reuters) – Russia’s second-biggest grocery chain Magnit <MGNT.MM> plans to adjust its dividend policy, possibly making payouts contingent on development plans and aiming for a payout ratio of at least 40 percent, Magnit head Khachatur Pombukhchan told Reuters.
Speaking on the sidelines of an economic forum in St Petersburg, the CEO of the Krasnodar-based retailer also said he expected the company’s new investor, the Marathon Group, to get one seat on Magnit’s board.
Marathon Group, founded by Russian businessmen Alexander Vinokurov and Sergey Zakharov, bought an 11.82 percent stake in Magnit on Thursday from state bank VTB <VTBR.MM>.
(Reporting by Katya Golubkova; additional reporting by Olga Sichkar; writing by Maria Kiselyova; editing by Tom Balmforth)
