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Usmanov increases stake in Mail.ru Group

0 21 July 2014

Alisher Usmanov, Russia’s richest man, has increased his voting stake in Mail.ru Group to 64.6%.

The South African holding company Naspers has converted all of its class A shares (25 votes) into class B shares (1 vote). The company, who own 29% of Mail.ru Group capital via Mail Investment Company, had a 35% voting stake prior to the conversion. This is now reduced to a 12.5% voting stake.

Naspers was the only holding company apart from USM Holdings which still possessed class A shares. After Mail.ru Group’s entry into the IPO all of its class A shareholders gradually sold and converted them, until only USM Holdings and Naspers were left.

Thus Usmanov’s is now the largest stake, and Naspers has lost the right to block any major company decisions, which demand a 75% vote (for example changing the board of directors, issuing shares etc.).

Source: Rusbase.vc, firrma.ru

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