MOSCOW, February 26 (RIA Novosti) - A leading Russian holding company increased its stake in its main subsidiary, Comstar United TeleSystems, through the purchase of shares from Deutsche Bank, Comstar UTS said in a statement Sunday.
According to the statement, AFK Sistema (RTS ticker: AFKS) purchased a 7.3% stake in Comstar UTS, increasing the proportion of its common shares in the company from 29.12% to 36.42%.
Comstar UTS was formed in May 2004 to consolidate the business of AFK Sistema's telecommunications subsidiaries.
Apart from AFK Sistema, its 100% subsidiaries hold shares in Comstar UTS.
AFK Sistema was founded in 1993. It includes companies operating in such areas as telecommunications, technology, insurance, real estate, banking, retail trade and mass media. The company's shares are listed on the London Stock Exchange, the stock market of the Russian Trading System and the Moscow Stock Exchange.
