Russian retailer Magnit noted on Friday that it was offering to buy back blocked shares at a 50% discount from foreign shareholders no longer able to trade its Moscow-listed securities, reports Reuters. It is the first proposal of its kind by a Russian company since sweeping Western sanctions over Moscow’s invasion of Ukraine and subsequent Russian countermeasures deprived many foreign investors of the ability to trade in Russian securities. Magnit’s shares leapt around 5.6% in late Friday trading. They had closed on Thursday at 4,513 roubles apiece. ‘The tender offer is voluntary: investors can either participate in it or retain their shareholding in the company,’ Magnit noted. The offer concerned a total of 10,191,135 shares, or around 10% of Magnit’s outstanding shares, at a price of 2,215 roubles per share. ‘That is, it takes into account a 50% discount from the weighted average price of Magnit shares for the last half a year,’ Magnit noted, meaning that a total of 22.57 billion roubles could be spent on the buy-back. A Russian government commission has determined that foreign companies selling assets in Russia must do so at a 50% discount. Magnit noted that it had sought approvals from the government.
In celebration of 60 years of business in Ireland, SPAR will plant 20,000 trees this year across six sites nationwide as part of its ‘SPAR Team Tree’ initiative. In marking this milestone anniversary, ‘Under the Tree since ‘63’, SPAR has joined forces with the Tree Council of Ireland in identifying sites in Sligo, Waterford, Dublin, Wexford, Wicklow and Galway. Three of the six sites have already been planted with native Irish trees, while the remainder will be planted later in the year. The symbol of the tree has long been associated with SPAR, and this native woodland planting is in addition to SPAR’s sponsorship of National Tree Day for primary schools. The initiative, run by the Tree Council of Ireland, takes place in October and invites children across Ireland join ‘Team Tree’ and plant a tree on their school grounds. Marking the 60th anniversary and the launch of ‘Team Tree’ were the Clarke Family from Dublin as they also celebrate a legacy of their own. Father and Son Ray and Nathan Clarke opened their first SPAR store in Longboat Quay 18 years ago and have since expanded to three other locations. Speaking about ‘Team Tree’ and the 60-year celebrations, Clarke, said, “It’s lovely to see this lasting legacy being planted here in County Dublin. I look at my parents and my children and the huge role SPAR has played in our lives. It’s fitting that on behalf of all the retailers and customers, SPAR is giving back to the community and county here in Dublin and across the country in this meaningful and lasting way. These native woodlands will be something we can look back on and know we made a difference.”
Spanish retailer DIA has joined Forética, an organisation that promotes sustainability and social responsibility in Spain. As a promoter partner of the Forética network, DIA plans to strengthen its commitments to sustainability by focusing on better engagement with customers, offering high-quality products, and creating value in local communities, reports ESMmagazine.com. By teaming up with the organisation, DIA believes that it will be able to more successfully face up to the social, economic, labour and environmental challenges posed by a constantly evolving consumer context. Forética is seen as a benchmark in sustainability and corporate social responsibility in Spain, helping companies integrate social, environmental and good-governance aspects into their strategies and management models.
Supermarket chain Kroger, in a cautious move on Thursday, reaffirmed its annual forecasts after it beat Wall Street estimates for first-quarter profit and same-store sales on steady demand for essentials and easing supply chain costs, reports Reuters. Shares of the retailer, which had consistently raised its outlook over the past two years, fell by 4.5%, to $45.07, after the dull forecast. “Investors wanted to see a forecast raise,” said Joseph Feldman, an analyst at Telsey Advisory Group, adding that there was hope that Kroger could have performed a bit stronger than it did, considering the robust grocery sales of some of its competitors. Last month, rival Walmart raised its annual forecasts, as more Americans shopped for its lower-priced groceries and other essentials. Kroger CEO Rodney McMullen blamed the “economic environment” for its decision not to raise the forecast, saying that it was “significantly impacting our budget-conscious shoppers.” Target has also maintained its full-year forecasts amid a gloomy spending environment.
Read More: Weekly Round-Up ... 12 June 2023
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