Yandex CEO Volozh wants to sell up to 0.7% in company

MOSCOW, Nov 2 (PRIME) -- Co-founder and CEO of Russian Internet giant Yandex, Arkady Volozh, plans to sell up to 2.25 million class A shares of the company, or around 0.7% of capital to diversify personal investments and assets, Yandex said late on Wednesday on the Web site of the U.S. Securities and Exchange Commission.

The shares will be sold in parts over a lengthy period of time.

At present, Volozh owns around 34.5 million class B shares, which corresponds to an 11% economic interest and a 48% voting stake. After the sale of the 0.7% Volozh will have 32.2 million shares of class B, or a 10% economic interest and a 46% voting share, and will remain the company’s biggest shareholder.

As of September 30, Yandex had 325.78 million issued shares, including 280.99 million shares of class A, 44.85 million shares of class B, and one priority share. Yandex’s capitalization was at U.S. $11 billion as of Tuesday.

End