Yandex’s Volozh says to sell shares as gets no divs, regular salary

DAVOS, Jan 23 (PRIME) -- Co-founder of Russia’s Internet giant Yandex Arkady Volozh will sell a small stake in the company because he receives no dividends and does not have a regular salary, he said on Thursday.

“I hold 95% of assets in the share of one company. If you were in such a situation, would you diversify (the assets) somehow? We don’t have dividends in the company, yet, at least. And I don’t have a regular salary,” Volozh told reporters on the sidelines of the World Economic Forum.

The businessman said he sold Yandex shares for the last time five or six years ago, and said Yandex is “a good and superb company.”

Yandex said on Wednesday that Volozh and his family trust Lastar can sell 2.029 million Class A shares, or 4.4% of all Class A shares he has, during 12 months.

If the entire stake on offer is sold, the trust will own 30.8 million Class B shares, or 9.3% of the company’s capital or 47.2% of votes.

At present, Volozh and his family own 9.9% of Yandex’s capital or 48.6% of votes.

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