March 7, 2018 / 1:18 PM / 7 months ago

Russia's MTS to spend $30 mln on Ozon stake increase

MOSCOW, March 7 (Reuters) - Russia's biggest mobile phone operator MTS said on Wednesday it would increase its stake in online retailer Ozon through an acquisition of up to 1.7 billion roubles ($30 million) of newly issued shares.

MTS said it would first acquire 1.15 billion roubles of Ozon shares, raising its stake to 13.7 percent from 11.2 percent, and could buy a further 582 million roubles of shares in the next 12 months if required to do so by Ozon.

As a result, MTS's stake in Ozon will ultimately rise to 14.7 percent, MTS said in a statement. ($1 = 56.8680 roubles) (Reporting by Anastasia Teterevleva; writing by Maria Kiselyova; editing by Jack Stubbs)

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