Lazard Fund sells stake in Lukoil
MOSCOW. Sept 5 (Interfax) - Lazard Emerging Markets Equity Portfolio, which invests in emerging markets, completed the sale of its stake in Russian oil company Lukoil in the second quarter of 2011.
Lazard EM had around 0.5% of Lukoil at the beginning of the year with a market value of $245 million. The fund reduced its stake in the company from 4.33 million to 0.6 million ADR ($43 million) in the first quarter and in the second quarter it sold the rest of its stake, Lazard EM reports.
There were no other major changes made to the rest of the Lazard EM investment structure. It increased its stake in MTS 40% in the first quarter (to 17.7 million ADR, or 1.8% of capital), and in the second quarter it reduced the stake to 16.9 million ADR. The fund also sold part of its stake in Uralkalii , reducing it from 5.1 million GDR to 4.32 million (0.7% of capital, $194.7 million). Its share in TNK-BP Holding was reduced slightly from 44.5 million to 43.5 million shares (just over 0.2%, $133 million). Lazard is continuing to reduce its stake in Magnit - it held 1.35% in the third quarter of 2010, 1.07% in the first quarter of 2011 and 1% in the second quarter (4.48 million GDR at $120 million).
The fund also considers its packet of SDR on Swedish Oriflame Cosmetics shares, with value of $140 million, as part of its Russian investments.
With Oriflame, the market value of the Russian shares in the Lazard Emerging Markets Equity Portfolio, was $910 million at the beginning of July.