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Norway’s Skagen withdraws from Russia’s CTC Media capital

November 11, 2014, 10:57 UTC+3 MOSCOW

The move is linked to the recent law limiting foreign ownership of Russian media companies to 20%

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© TASS/Mikhail Japardze

MOSCOW, November 11. /TASS/. Norwegian fund Skagen has sold its stake in Russian media holding CTC Media, according to the fund’s report for October seen by PRIME late Monday.

“The Russian parliament unexpectedly passed a new law limiting foreign ownership of Russian media companies to 20%. The share price fell sharply on this announcement,” the report read.

“The stock no longer offers an attractive risk-reward profile in light of the heightened political risk and we therefore chose to exit the asset.”

The size of the sold stake was not disclosed, but it was not among the fund’s largest investments.

The new law, signed by President Vladimir Putin, will come into force from 2016. Mass media owners must draw all corporate activities in compliance with the law by February 1, 2017, and new documents on owners and founders must be filed to the communications watchdog by February 15, 2017.

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