Russia's VTB Says Considering Buying More Magnit Shares: Ifax
Russia's second-largest lender VTB Bank said it is seriously considering buying more shares in food retailer Magnit, the Interfax news agency on Friday cited VTB's First Deputy CEO Yuri Soloviev as saying.
"Regarding Magnit, we remain confident in our investment, and we believe that the company is highly undervalued," Soloviev told Interfax.
In October, Magnit posted a 0.7% like-for-like sales decline in the third quarter of the year, due to lower traffic numbers.
However, like-for-like average basket sizes were 2.8% higher in the period.