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Mail.ru stake for sale, Naspers holds on

Apr 27 2011 11:45
Reuters

Company Data

NASPERS LIMITED [JSE:NPN]

Last traded 1840
Change -91
% Change -5
Cumulative volume 1019095
Market cap 0

Last Updated: 29-06-2015 at 05:08. Prices are delayed by 15 minutes. Source: McGregor BFA

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Moscow - Russian internet investment company Mail.ru said shareholders had launched a sale of a 6.65% stake on the market, five months after its London listing.

Mail.ru's London-listed shares were down 6.0% to $32.75 by 11:10 (SA time) on Wednesday. Shares were sold at the top of a $23.7-$27.7 range when it listed in November.

Investors had been attracted to the company partly due to its ownership of a little over 2% of Facebook, a stake that could be worth more than $1bn based on a valuation of the social networking site of $50bn.

The selling Mail.ru shareholders, including founders, members of management and fund Tiger Global, will place a total of up to 13.86 million shares - a stake representing approximately 0.46% of voting rights and worth around $480m based on Tuesday's closing price.

Two financial market sources told Reuters the order book for the sale has been fully subscribed.

The company said none of the entities representing the interests of Russian billionaire Alisher Usmanov, Naspers [JSE:NPN] and Chinese company Tencent were among the selling shareholders.

The sale came ahead of the May 9 expiration of a lock-up period following its $1bn initial public offering, Mail.ru said, adding the selling shareholders have entered into a new lock-up agreement for 90 days from the sale completion.

JP Morgan and VTB Capital were acting as joint bookrunners for the placement which will fetch no proceeds for Mail.ru itself.

- Fin24.com is owned by Naspers.
naspers

 
 
 

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