Uniland Plans $500m MegaInvestment

Uniland has announced plans to invest about $498m in developing a network of cash-and-carry outlets, of which Megaland was the first. Uniland President Oleg Leonov says thirty shops will be built in the next 3 years, 5 of them in St Petersburg.

<BR>Uniland has announced plans to invest about $498m in developing a network of cash-and-carry outlets, of which Megaland was the first. Uniland President Oleg Leonov says thirty shops will be built in the next 3 years, 5 of them in St Petersburg. <BR>Currently negotiating with banks and investment funds, the company plans to make an announcement on a share issue in April.<BR>Megaland is the first shop of it's type in Russia, and because of the absence of competition the turnover is expected to be 20% higher than in the Western shops it is copying. Unlike existing cash-and carry outlets, the range of products is designed in part for private consumers, which could make up 40% of the turnover.