By Andrei Skvarsky.
Russian conglomerate Sistema has enlarged its direct stake in Russian online retailer Ozon to 31.3 per cent from 21.9 per cent by converting earlier loans, with its total interest in Ozon swelling to 43 per cent as a result.
The loans were made in 2019.
In 2019, Sistema and the Baring Vostok private equity firm provided convertible loans for Ozon, in which they are the biggest stakeholders, with Sistema lending 9.2bn roubles ($142.2m at that year’s average exchange rate), the conglomerate said in a statement.
The loan conversion brought Sistema’s total capital in Ozon, which includes an 11.7 per cent stake controlled by the conglomerate via its venture capital fund Sistema_VC, to 43 per cent.
In the first quarter of 2020, Sistema and Baring Vostok provided Ozon with further convertible loans to a total of 6bn roubles ($86.2 at the first quarter’s average exchange rate) with half the sum coming from Sistema.
Sistema co-owns companies, mainly Russian, that operate in sectors such as telecoms, retail, timber processing, agriculture, high technology, banking, real estate, healthcare and hospitality. It holds controlling stakes in most of these companies.
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