15:49 GMT +3 hours24 November 2014
Live
Russia

Russian company increases share in Facebook to 10%

Russia
(updated 18:26 28.10.2014)
100
Russian holding Digital Sky Technologies Ltd. (DST) has increased its stake in the world largest social networking website Facebook to 10%, Russian business daily Vedomosti said on Wednesday.

Russian holding Digital Sky Technologies Ltd. (DST) has increased its stake in the world largest social networking website Facebook to 10%, Russian business daily Vedomosti said on Wednesday.

The latest stake increase is part of a staged build-up of DST's share ownership in Facebook, which was first reported at the end of April.

DST, which is co-owned by General Director of Gazprominvestholding Alisher Usmanov, bought its initial 2% share in Facebook for $200 million in May 2009 and increased its share to 5% in autumn 2009.

DST has now increased its share in the social networking site to 10% by buying shares from Facebook employees, BusinessWeek magazine quoted a source close to DST as saying. In April, the social networking site forbade its employees from selling shares on the secondary market.

Facebook currently has more than 400 million users worldwide. The company's 2009 revenues were estimated at $ 700 million and revenues of $1.2- $2 bln are forecast for 2010, The Wall Street Journal quoted a source close to Facebook as saying.

MOSCOW, May 5 (RIA Novosti)