Prokhorov raises stake in Open Investments to 30%

Russian billionaire Mikhail Prokhorov has raised his stake in OJSC Open Investments (RTS: OIVS) to 30% from 24.45%, the company said in a statement.

The increase brings Prokhorov's stake into rough parity with that of his former business partner, Vladimir Potanin, as stipulated in their "divorce" agreement concerning the disposition of jointly held assets.

Open Investments was founded by the Interros holding in 2002 to consolidate the group's real estate assets and operations. Open Investments raised $68.8 million in an IPO in November 2004, placing 38.5% of shares at $49.75 per share. The free float today amounts to over 42% of shares.