“It is purely an investment decision,” VTB’s First Deputy CEO Yuri Soloviev told reporters in Sochi, dismissing concerns about the Russian state’s growing presence in the economy. “When we bought a stake in the Burger King franchise, did you worry about the state takeover of sandwiches?”
VTB holds such investments for an average 2 years to 5 years, Soloviev said. VTB has been a financial investor in another Russian retailer — Lenta Ltd — together with U.S. fund TPG Capital, first buying shares in 2009 before selling down to about 3 percent. It also holds a stake in wireless carrier Tele2 Russia.
With its new investor, Magnit plans to pay dividends in the second half of 2018 and may also consider a share buyback, part of which would be used for a management incentive plan, the retailer said in a statement. CFO Pombukhchan told investors last month that Magnit would refrain from making dividend payments this year.
© Блумберг
