17th Oct 2006 08:50
Third graph of release dated Oct 17, 2006, should read: Theselling shareholders have agreed to a 30-day lock-up period withrespect to their remaining holdings. (sted The selling shareholdershave agreed to a 90-day lock-up period with respect to their remainingholdings.). All other details remain unchanged; the full correctedrelease follows. SISTEMA ANNOUNCES SALE OF COMPANY STOCK BY MINORITY HOLDERS £ Sistema (LSE: SSA), the largest private sector consumer servicescompany in Russia and the CIS, announced today that a number ofcertain minority shareholders of the company have entered into anagreement with Credit Suisse for the sale of their shares of Sistema,constituting approximately 1.9% of the total number of sharesoutstanding. Selling shareholders include certain directors andofficers of Sistema. £ Sistema, through one of its subsidiaries, subscribed to a total of167,131 ordinary shares at the offer price, which constitute 1.73% ofthe offered stock. The total subscription was in the amount ofapproximately US$ 207 million. Sistema plans to establish a shareoption programme for the top management of the company. The acquiredshares are intended for the funding of this programme and may also beused in connection with certain future acquisition activity. £ The selling shareholders have agreed to a 30-day lock-up periodwith respect to their remaining holdings. £ For further information, please visit www.sistema.com. £ Sistema is the largest private sector consumer services company inRussia and the CIS, with over 65 million customers. Sistema developsand manages market-leading businesses in selected service-basedindustries, including telecommunications, technology, insurance,banking, real estate, retail and media. Founded in 1993, the companyreported revenues of US$4.6 billion for the first half of year 2006,and total assets of US$ 17.3 billion as at June 30, 2006. Sistema'sshares are listed under the symbol "SSA" on the London Stock Exchange,under the symbol "AFKS" on the Russian Trading System (RTS), and underthe symbol "SIST" on the Moscow Stock Exchange (MSE). £ Some of the information in this press release may containprojections or other forward-looking statements regarding futureevents or the future financial performance of Sistema. You canidentify forward looking statements by terms such as "expect,""believe," "anticipate," "estimate," "intend," "will," "could," "may"or "might" the negative of such terms or other similar expressions. Wewish to caution you that these statements are only predictions andthat actual events or results may differ materially. We do not intendto update these statements to reflect events and circumstancesoccurring after the date hereof or to reflect the occurrence ofunanticipated events. Many factors could cause the actual results todiffer materially from those contained in our projections orforward-looking statements, including, among others, general economicconditions, our competitive environment, risks associated withoperating in Russia, rapid technological and market change in ourindustries, as well as many other risks specifically related toSistema and its operations. Copyright Business Wire 2006Related Shares:
SSA.L