MOSCOW, August 10 (RIA Novosti) - Pyaterochka Holding N.V. (LSE: FIVE) has started to buy out its $50-mln Global Depositary Receipts under a management stock option plan, the discount retailer said Thursday.
Pyaterochka Holding, which operates Russia's largest supermarket chain, with more than 370 outlets in Moscow, St. Petersburg and the Urals city of Yekaterinburg, launched a GDR repurchase program July 30 to offer $150-mln stock options for its management.
Under the program, Pyaterochka Holding repurchased Wednesday 3,730 GDRs at $17 per receipt. The company intends to buy out GDRs by the end of 2006.
In mid-May, Pyaterochka finalized a merger deal with Perekryostok, which operates 147 supermarkets and discounters across 14 Russian regions and Ukraine.
