Russian retailer Dixy Group has announced plans to delist the company’s shares from the Moscow Exchange and launch a share buyback programme.
The decision was voted on at the group’s EGM on 25 December, with 80.5% of shareholders approving the move.
Dixy’s board of directors has now established a repurchase price of RUB 340 per share.
Turnaround Plan
Dixy Group is currently in the middle of a turnaround plan aimed at stabilising its financial performance.
The company, which operates 2,704 stores across Russia, reported an 8.3% decrease in revenue in its most recent quarter.
In September, it announced that its board had approved funding for a share repurchase programme of up to RUB 5 billion, with the aim of encouraging further market capitalisation growth in the future.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
