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December 9, 2005
By: TOM BRANNA
RUSSIA: The European Bank for Reconstruction and Development (EBRD) has reduced its stake in Kalina, one of Russia’s biggest producers of cosmetics and personal hygiene products, to about 6% from more than 10%. Investment company Renaissance Capital announced in March that the EBRD had cut its stake in Kalina by placing 500,000 of the company’s shares among European investors as common shares and global depository receipts.
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