MGCL shares increased by 9% on the plans of the CEO to increase the share in the company

Shares of MGKL (MGKL), which manages the Mosgorlombard network, on Tuesday, October 6, jumped by 9.4% and at the peak reached the mark of е 2.115 per paper, follows from the data of the Moscow Exchange at 10:02 GMT.

The reason for the sharp growth was the news that the CEO of MGCL Alexey Lazutin plans to increase the share in the company’s capital more than twice – from the current 12.7% to 29%. The acquisition of shares is expected to be carried out in the framework of over-the-counter transactions. This is stated in the message of the company.

“These transactions are not related to a share repurchase programme run by a subsidiary of the group. We are talking about an independent investment decision of the CEO and an increase in his personal package, the MGCL Telegram channel explains.

“Doubling my share of the company shows personal responsibility for its results. I am convinced of the growth potential of the Group’s business and will work to ensure that each shareholder receives a decent return from our development strategy, said Alexey Lazutin.

The company will disclose details after the transactions are made - in the amount and terms provided for by law, added to the MGCL.

MGCL PJSC is the parent company of MGCL Group, the first Russian public operator in the resale market. The Group includes “Mosgorlombard” – one of the oldest in Russia and the largest in Moscow retail chains of pawnshops, which has more than 200 branches, the largest in Russia wholesale trader of precious metals “LOT GOLD” and resale platform and store chain “Resale Market”.

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