CEO raises stake in Russian developer RTM

MOSCOW, Feb 1 (Reuters) - RTM's (RTMC.MM: Quote, Profile, Research) General Director Eduard Vyrypayev has doubled his stake in the company to 71.4 percent, gaining effective control in the Russian real estate firm, RTM said on Friday.

The company said in a statement Vyrypayev had bought 35.7 percent of RTM shares from the firm's board chairman Georgy Trefilov. It did not disclose the value of the deal.

RTM said Trefilov will likely step down as the board chairman and be replaced by an independent director. Vyrypayev said the change in RTM's shareholding structure would not affect the company's governance.

Moscow-based RTM, which focuses on the development of shopping and leisure centres in Russia, is currently developing 56 projects worth an estimated $643 million as of June 30, 2007.

Last year, RTM announced plans to issue new shares worth around $180 million to fund mixed-use projects in the regions.

Vyrypayev said he would use his pre-emptive right to buy into the share offering in proportion to his shareholding.

RTM shares closed down 1.96 percent at 65 roubles ($2.66) on the MICEX exchange before the filing. Some 28.6 percent of RTM's shares are freely floated. (Reporting by Maria Kiselyova; Editing by Paul Bolding)