Russian hypermarket operator Magnit has received official permission to list a greater proportion of its shares on international exchanges.
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Magnit can list a maximum of 30% of its shares outside the country. The Russian Federal Financial Markets Service has approved the company to list an additional 16.8m shares abroad.
A spokesperson for the company declined to comment on whether the group, which currently trades in London and Moscow, would consider listing its shares on other exchanges.
Last month, Magnit announced that its board has approved the issue of 11.2m new shares through an open subscription.
It is believed that proceeds will be used to fund expansion, including new hypermarket openings, as Magnit looks to grow its share of the Russian retail sector.
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By GlobalData“Growing our business is a top priority,” the spokesperson confirmed. However, the spokesperson declined to specify what funds would be used for.
