Telia has sold six percent of its shareholding in Russian operator MegaFon as it continues to raise funds and refocus on business closer to home.

The Sweden-based operator’s Sonera Holding subsidiary has sold 38.5 million ordinary MegaFon shares for RUB585 each, taking its stake down to 19 percent.

Telia has raised RUB22.5 billion (€330 million) from the sale but said it would have no impact on its full-year 2017 guidance.

Johan Dennelind, Telia Company’s President and CEO, said: “Telia Company is one of the founders of MegaFon and we have since the inception actively contributed to its success of becoming a mobile and digital leader in Russia.

“As we are now focusing on the Nordic and Baltic regions within the framework of our New Generation Telco strategy, it is natural that we reduce our exposure to MegaFon.

“Even after the sale, Telia Company will remain the second largest shareholder in the company and we will continue our constructive cooperation with the main owner USM Group to create value for all shareholders.”

Last month, Telia cashed in its direct stake in Turkcell as it looks to sell up in areas outside of the Nordics and Baltics.

The operator also settled a fine with authorities in the Netherlands and the United States over a bribery case in Uzbekistan.

Telia will pay $965 million to Department of Justice, the Securities and Exchange Commission and the Dutch Public Prosecution Service.

[Read more: Former Telia CEO Nyberg is one of three indicted over Uzbekistan fraud scandal]

In July, the company announced it was cutting 850 jobs as it registered a net loss in the second quarter.

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