OREANDA-NEWS. July 05, 2012. OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) is pleased to announce the holding of the board of directors meeting.

On June 29, 2012 the acting Chairman (the Chairman of the previous BOD) of the board of directors made the decision to hold the BOD meeting on July 6, 2012 with the following agenda:

Determination of OJSC "Magnit" business priorities.

Approval of the related party transactions.

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" (LSE and MICEX: MGNT, S&P: "BB-") is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of March 31, 2012 the chain consisted of 5,104 convenience stores, 91 hypermarkets, 5 "Magnit Family" stores and 266 cosmetics stores (drogerie) in 1,424 locations in the Russian Federation.

Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western, Urals and Siberian regions.

As of March 31, 2012 the Company operated an in-house logistics system consisting of 15 distribution centers, employing automated stock replenishment systems and a fleet of 3,922 vehicles.