Svyaznoy shareholder open to stake sale

Russian mobile retail chain Svyaznoy’s largest shareholder, Maksim Nogotkov, who owns a 90% stake in the retailer, has announced plans to sell up to 40% of the company. While Nogotkov said he is open to selling, he also noted that it 'is too early to discuss a price or who might be interested in the purchase. He said the sale could wait as long as until 2012, depending on his financial needs for other investments next year. He also revealed that Svyaznoy Bank is going to expand and plans to end 2012 with 300 offices.

Planet Retail