Billionaire Galitsky decided to sell to 1% of “Magnet” in the year

That it meets annually to sell 1-1,5% of the shares of the company Sergey Galitsky has declared to analysts and investors at meetings in London and new York, which took place in the beginning of this week, “Vedomosti” reports with reference to the statements of the participants. In addition, information about the sale of the shares confirmed to the publication financial Director “the Magnet” Khachatur Pombukhchan.

A statement on plans to reduce its stake Galitsky made in response to questions from investors, whether he has an exit strategy from the business, said the publication of Pombuhchan.

According to him, the question that will soon be announced about the deal now. Financial Director of “Magnet” States that this overall long-term plans.

Last Galitsky sold the shares of “Magnet” about a year ago. In February 2015, the businessman closed the sale to investors of approximately 1% of shares of “Magnet” for 9.8 bn of Securities were sold as part of an accelerated formation of the book of applications for the price of 9823 rubles per share.

One of the reasons why Sergey Galitsky in the time it took funds, have become commitments for the construction of the stadium for FC “Krasnodar” belonging to the businessman. Now, according to the Treasurer’s office “Magnet” that lead to “Vedomosti”, the financing of the stadium was formed, the money from new sales of shares will be required on other projects. For example, earlier projects on gardening of Krasnodar, said Pombuhchan.

Magnit is the largest retail network on trade in food products in Russia. As at 31 December 2015, it consisted 9594 store in the format “shop at home”, 219 hypermarkets, 155 stores “Magnit Family” store and 2121.

The company’s revenue in 2015 compared with the previous year increased by 24.3% to 947,8 billion rubles.

Sergey Galitsky is in the 15th place in the ranking of “the Richest businessmen of Russia” according to Forbes. Forbes estimates the state of the owner of “Magnet” at $8.3 billion.

“On the possibility of reducing the share in “the Magnet” Sergey Galitsky mentioned before, on the attitude of investors towards the company that shouldn’t change, since we are talking about increasing the level of liquidity of securities of the company, which is good for minority shareholders. It is possible to assume that Sergey Galitsky is the development of projects not related to retail, and can be a business as such. Apparently, the funds necessary to Finance these projects, exceed the dividends, so Galician is considering selling a few percent of “Magnet”. The size of the package, dubbed Galicia is only a guide and should not be taken literally,” explains senior analyst of Raiffeisenbank Natalia Kolupaeva.

Company representatives were unavailable for comment Wednesday night.

The value of securities of “Magnit” at the close of the London stock exchange has not changed to previous, the capitalization amounted to $17 billion.