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Largest Kazakh retailer Magnum to invest in Tashkent

Kazakhstan's largest retailer Magnum Cash & Carry has said it plans to enter the Uzbek market and open at least six supermarkets next year, each of which will provide up to 500 jobs.

The plans were announced by Azamat Osmanov, chairman of the Magnum management board, during a meeting with Tashkent mayor Jahongir Artikhudjaev.

"We seek your help in informing us about the city's development plans. We plan to open at least six locations and invest more than $5mn into each," the entrepreneur said.

Following its 2019 results, Magnum Cash & Carry ranked 10th among the 50 largest private companies in Kazakhstan. It posted revenue of $430mn and a net profit of $5.1mn.

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