Share in USM Holdings to be received by its management

Alisher Usmanov has decided to reduce his stake in USM Holdings to 48% by implementing plans to sell 10% of shares to the Group’s management. The businessman will continue to participate in the management of USM, but the shares of his partners, both old and new, will be voting too. Mr. Usmanov plans to invest the proceeds from the sale of the package, which analysts estimate at about $1.8 billion, into the mining sector, high technologies and production of media content.

Yesterday, USM Holdings Limited (USM), which unites assets of Alisher Usmanov, reported that it bought 10% of its own shares from the businessman. The securities will be "distributed and purchased” by the holding company’s managers, including head of the Metalloinvest’s Board of Directors Ivan Streshinsky (3%), general director of Megafon Ivan Tavrin (3%) and "members of the USM’s Board of Directors". The holding company specified that 2% are transferred to managers of USM, "who helped to create the Group", and 2% more are reserved in favor of the management of USM and its subsidiaries, including Metalloinvest. Names and the value of securities were not disclosed.