Proceeds obtained would be used to shell out a special dividend
Russian internet firm Mail.ru has sold its remaining 14.2 million shares in the social networking firm Facebook for over $525m.
The tech firm, which is partly owned by Russia’s richest man Alisher Usmanov, acquired some stake in the social networking firm for $200m four years ago.
Proceeds obtained would be used to shell out a special dividend which could be revealed by late 2013.
Mail.Ru’s latest sale of Facebook’s outstanding shares, corresponding to a stake of below 1%, would boost its share price, dropped when the social network filed for $5bn initial public offering (IPO) in February 2012.
Facebook IPO was also hit with a technical glitch at Nasdaq, upon which the US Securities and Exchange Commission (SEC) approved the exchange group’s proposal to pay $62m to investors who lost money.
The Russian firm is also planning to sell its stake in payment transfer firm QIWI, which filed IPO on Nasdaq during early 2013.
By the end of 2013, Mail.ru also said it anticipating a revenue growth between 27% and 29%, from earlier projected range of 25% to 28%.
Mail.ru has also expanded its wings in social networks and online games in its home market.