January 23, 2018 / 12:24 PM / in a year

Russia's Dixy to buy back stake from biggest minority shareholder

Jan 23 (Reuters) - Russian food retailer Dixy will buy back its shares from its biggest minority shareholder Prosperity Capital Management, it said on Tuesday, as it prepares for a delisting from the Moscow Exchange.

Dixy, which last month gained shareholder approval for the proposed delisting, will buy out at least 20 percent of shares owned by Prosperity Capital at 340 roubles per share — the same price offered to other minority shareholders.

With 75 percent of the share capital already acquired, a mandatory offer will be made for the rest of the shares, Dixy said.

Prosperity had voted against the delisting, Interfax news agency reported last month.

“We are satisfied with the fact that all minority shareholders would have a right to sell back their shares at a price of 340 roubles per share,” Prosperity’s Director Alexey Krivoshapko said on Tuesday, adding that Dixy would proceed with the delisting only after the execution of the offer. (Reporting by Anna Pruchnicka in Gdynia; Additional reporting by Maria Kiselyova in Moscow; Editing by David Goodman)

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