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Yandex CEO confirms plans to sell small stake in Russian Internet giant

The sale of shares is needed to diversify assets, the CEO clarified

DAVOS, January 23. /TASS/. Arkady Volozh, the founder and the director of Yandex group of companies, told reporters on the sidelines of the World Economic Forum that he would sell a small stake in the company together with the family trust.

"Certainly, this is public [information]. However, not [the whole] my stake but a tiny share," Volozh said. The sale of shares is needed to diversify assets, the chief executive clarified.

It was reported earlier that Volozh together with the family trust filed a special notice to the US Securities and Exchange Commission (SEC) concerning the possibility of selling a portion of shares in the company over the year.