Sberbank says likely to sell Yandex’ golden share at face value

MOSCOW, Nov 19 (PRIME) -- Russia’s biggest lender Sberbank will most probably agree to sell the golden share back to Internet company Yandex at face value, First Deputy CEO Lev Khasis told reporters on Tuesday.

“We understand and support Yandex’ initiatives. It was announced yesterday that they asked us to sell them back the golden share,” he said.

“We will consider this issue now at a meeting of the executive board. And there is great probability that we will soon decide to agree with this proposal and sell them back the golden share at par, the way we bought it, so they could fulfill the idea they announced yesterday. ”

Sberbank will consider giving the share on Tuesday.

Yandex announced a plan to restructure its corporate management by establishing a public interests foundation that will receive a golden share in Yandex from Sberbank. Media linked the change to a draft law submitted to the State Duma, parliament’s lower chamber, prohibiting foreign companies from holding more than 20% in significant information resources in the Russian segment of the Internet.

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