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Retail

Dixy Group To Delist Shares From Moscow Exchange

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.

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