Russian retailer Magnit changes name
According to the press service of the company, the change of the name is caused by amendments in the Civil Code of the Russian Federation. Open and closed joint stock companies from now on must be identified as public or non-public.
PJSC Magnit is the holding company of the retail network of stores Magnit, with its head office in Krasnodar. Most of their stores are located in the Southern, North-Caucasian, Central and Volga federal districts.
The largest shareholder of Magnit is the CEO of the company Sergey Galitsky, who owns 38.67% of the shares. 2.89% are held by General Director of the company Tander, the Magnit’s operating subsidiary, Vladimir Gordeychuk. Other shareholders are top managers with 0.54% and Cyprus Lavreno Ltd with 3.96%. 0.11% of the shares are in the company's balance sheet, 53.83% are in free float.
In September 2014 the company opened 121 stores, while the total number of stores in the network equals 9020; this is to include 7891 convenient stores, 175 hypermarkets, 68 family shops and 886 cosmetics stores.
