Russian internet group Mail.Ru , part owned by the country's richest man Alisher Usmanov, has sold the remainder of its shares in social network group Facebook Inc for $525 million, it said on Thursday.
Mail.ru originally bought into Facebook in 2009, investing $200 million for a small stake that valued Facebook at $10 billion. At the time of Facebook's IPO last year, it had a stake worth around $700 million. Mail.Ru sold some of its Facebook shares during the IPO. It said on Thursday it sold its remaining 14.2 million Facebook shares in the period of July-August 2013. Mail.Ru also reported a 28% rise in first-half net profit to 5.1 billion roubles ($151.8 million) and edged up its revenue growth forecast for 2013 on the back of fast growth in advertising and games. The company said it expected its revenue to rise by 27-29% in 2013, up from previous guidance of 25-28% but still below last year's growth in sales of 39%.