April 29, 2019 / 7:25 AM / 4 months ago

Baring Vostok and Sistema provide Ozon with 10 bln rouble loan

MOSCOW, April 29 (Reuters) - Russia’s Baring Vostok private equity fund said on Monday that the fund and business conglomerate Sistema have provided a 10 billion rouble ($154.55 million) loan to online retailer Ozon, in which they hold the largest stakes.

Baring Vostok, which provided Ozon with 4.3 billion roubles, said Ozon plans to use the funds to maintain its current growth rate and to develop its warehouse infrastructure, IT platform, marketplace and financial services.

“We support the company’s management and their ambitious growth plans because we have confidence in the business model and the strength of the Ozon brand,” Dmitry Kamensky, partner at Baring Vostok Capital Partners, said in the statement.

$1 = 64.7055 roubles Reporting by Olga Popova; writing by Maria Tsvetkova; editing by Jason Neely

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