Pyaterochka Holding NV has announced that it will launch a GDR purchase programme in order to meet its expected obligations under its employee stock option scheme. It will commence today (30 June) and is expected to continue through to the end of 2006.

The total GDR purchase programme is expected to total US$50m.

The existing employee stock options programme at Russia’s largest food retailer is capped at $150m over a five year period.

The first of these stock options were issued in 2005 and will be exercisable in 2008.