X5 Retail Group, Russia's leading grocery retailer, has announced that Perekrestok Holdings, a 100% subsidiary of X5, has today (13 November) purchased 3.23m global depositary receipts (GDRs) in its parent company.

The GDRs were bought from Templeton Strategic Emerging Markets Fund at a price of US$21.75 per GDR, X5 said.

The move is part of the company's 2006 GDR purchase programme, launched on 30 June. X5 Retail Group hopes to buy back a total of $50m of its GDRs by the end of 2006. Over the next five years X5 Retail Group intends to buy back GDRs worth a total of $150m.

Previously Templeton Strategic Emerging Markets Fund LDC held 2.1% in X5 Retail Group.