10 Nov 2010 10:00

Mamut acquires 3% in British retail chain HMV

LONDON. Nov 10 (Interfax) - Russian businessman Alexander Mamut has acquired 3% of the shares in British company HMV Group, which owns a retail chain that sells music, films, computer programs and books.

According to a statement issued by HMV, the fund Channel Trustees Limited, which represents Mamut's interest, acquired 3.06% in HMV.

According to analysts quoted by the business newspaper Financial Times, Mamut might have acquired the shares because of their current low price.

HMV owns 700 stores in seven countries with annual sales revenue totalling over 2 billion pounds.

Mamut owns a stake in the company SUP, which, in turn, owns the internet resource LiveJournal.