Magnit shareholders approve credit

Magnit shareholders have approved which credits can be received from Sberbank, VTB bank and BSGV bank, totalling RUB14 billion (USD454 million). The retailer did not disclose where will be funds allocated. As previously reported, shareholders approved an additional share issue which may raise more than USD500 million in September 2009. In total, Magnit could spend around USD1 million. The retailer could use the funds to acquire a domestic retailer.