Russian grocery retailer Magnit has remained coy on speculation that it may hold a share offering in the autumn to raise at least US$500m to finance investment .

The retailer recently unveiled an ambitious expansion plan, with plans to invest $1.8bn in opening 800 convenience stores, around 200 drug stores and 50 hypermarkets in 2011.

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A spokesperson for the retailer told just-food that it could not comment on the speculation.

The retailer recently recorded a 39.2% increase in full-year sales, while fourth-quarter like-for-like sales were up 18.2%.

Shares in the retailer were down 0.25% at 13:34 BST to US$30.39 a share.

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