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Alisher Usmanov strengthens his grip on Mail.ru

0 26 May 2014

Mail.ru Group’s shareholder agreement, which rules out the possibility of foreign ownership, has been amended.

While the Russian ownership rule has been in place for some time, the amendment confirms that Yuri Milner and Grigory Finger are no longer considered “Russian” shareholders, meaning that Alisher Usmanov’s holding company the only “Russian” entity with a stake in Mail.ru. 

According to the agreement a non-Russian entity cannot control more than 35% of the company. Although they can theoretically purchase more shares, their voting rights will not exceed 35%. 

The document also stipulates that at least 55% of the company must remain under Russian control. At present this is the case, as 58.1% of the voting right belong to Alisher Usmanov’s holding company (although it owns just 17.9% of the company). In contrast, South African firm Naspers owns 35% of Mail.ru shares, but just 29% of the voting rights, while China’s TenCent owns 7.8% of the Group with 1% voting rights.

Source: Roem

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