AFK Sistema raises stake in Concept Group clothes maker to 62.38%

MOSCOW, Jan 26 (PRIME) -- Russian multi-industry holding AFK Sistema has raised its stake in Cyprus-based holding company Rangecroft Limited, which owns clothes producer Concept Group, to 63.28% from 40%, Sistema said in a statement on Thursday without disclosing details of the deal.

The stake was raised under existing agreements with one of Concept Group’s founders Leonid Khanik, a Sistema representative told PRIME.

Co-owners of Concept Group Khanik and Lars Pettersson remain partners of Sistema with stakes of 24.2% and 12.5%, respectively, and Khanik will remain chairman of the board of directors of the clothes producer.

“We see big opportunities for further development of Concept Group, including through raising its operating efficiency and optimization of business processes. We plan to focus on that in 2017,” the Sistema representative said.

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