Russia's Mail.Ru sells all its Facebook stock

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By Reuters | Updated: 5 September 2013 13:50 IST
Russian internet group Mail.Ru , part owned by the country's richest man Alisher Usmanov, has sold the remainder of its shares in social network group Facebook Inc for $525 million, it said on Thursday.

Mail.ru originally bought into Facebook in 2009, investing $200 million for a small stake that valued Facebook at $10 billion. At the time of Facebook's IPO last year, it had a stake worth around $700 million.

Mail.Ru sold some of its Facebook shares during the IPO. It said on Thursday it sold its remaining 14.2 million Facebook shares in the period of July-August 2013.

Mail.Ru also reported a 28 percent rise in first-half net profit to 5.1 billion roubles and edged up its revenue growth forecast for 2013 on the back of fast growth in advertising and games.

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The company said it expected its revenue to rise by 27-29 percent.

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© Thomson Reuters 2013

 
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