June 1, 2017 / 2:50 PM / 8 months ago

JPMorgan raises indirect stake in Moscow bourse to 5 percent

(Reuters) - Moscow Exchange (MOEX.MM) said on Thursday one of JPMorgan Chase’s (JPM.N) companies had increased its stake to 5 percent in the Micex owner.

JPMorgan’s companies own 114.4 million shares in Moscow Exchange worth 11.43 billion rubles ($202 million) based on Wednesday closing price.

    “One fund from the JPMorgan Chase family increased its stake in Moscow Exchange, having crossed the threshold of 5 percent. This demonstrates a high level of confidence in the company and is a signal for other investors,” the stock exchange’s representative told Reuters.

    The Central Bank of Russia is the largest shareholder of Moscow Exchange with a 11.8 percent stake.

    Reporting by Anna Pruchnicka in Gdynia, additional reporting Zlata Garasyuta in Moscow, editing by David Evans

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