Press Release
Krasnodar
March 22, 2017
Magnit Announces the Holding of the BOD Meeting
Krasnodar, Russia (March 22, 2017): Magnit PJSC, one of Russia's leading retailers (the "Company", MOEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.
On March 22, 2017 the Chairman of the Board of Directors made a decision to hold the BOD meeting on March 28, 2017 with the following agenda:
Early termination of office of a member of the PJSC "Magnit" collective executive body (Management Board).
Election of a member of the PJSC "Magnit" collective executive body (Management Board).
Determination of the amount of remuneration for the PJSC "Magnit" auditor's services.
Determination of PJSC "Magnit" business priorities.
Consideration of the evaluation report on the efficiency of the internal control and risk management system for 2016.
Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company.
Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the JSC "Tander" shares owned by the Company.
Making decisions for approval of the execution of major transactions.
For further information, please contact:
| Timothy Post | Head of Investor Relations Email: post@magnit.ru Office: +7-861-277-4554 x 17600 |
| Investor Relations Office | MagnitIR@magnit.ru Direct Line: +7-861-277-4562 Website: ir.magnit.com/ |
| Media Inquiries | Media Relations Department press@magnit.ru |
Company description:
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2016, Magnit operated 35 distribution centers and 14,059 stores (10,521 convenience, 431 hypermarkets and 3,107 drogerie stores) in 2,494 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS management accounts for 2016, Magnit had revenues of RUB 1,075 billion and an EBITDA of RUB 108 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB+. Measured by market capitalization, Magnit is one of the largest retailers in Europe.
