27th Jun 2011 11:15
SISTEMA ANNOUNCES RESULTS OF ITS AGM
Moscow, Russia - June 27, 2011 - Sistema (the "Company") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that all of the resolutions proposed to the Annual General Meeting of its shareholders ("AGM"), held on June 25, 2011, were approved.
The AGM approved the Company's Annual Report and annual financial statements for 2010, including the profit and loss statement. The AGM also approved an annual dividend of RUB 0.26 per ordinary share, or approximately US$ 0.181 per Global Depositary Receipt ("GDR"), for the twelve months ended December 31, 2010, to be paid to holders of Sistema shares as at the record date of May 18, 2011. The dividend payment amounts to over RUB 2.5 billion or approximately US$ 89.3 million.
The AGM approved the election of three new members to the Board of Directors, Serge Tchuruk, Mikhail Shamolin and David Yakobashvili. The following members were reelected to the Board of Directors:
Vladimir Evtushenkov Alexander Goncharuk Ron Sommer Dmitry Zubov Vyacheslav Kopiev Robert Kocharyan Roger Munnings Leonid Melamed Evgeny NovitskyCJSC BDO was appointed as Sistema's Russian Accounting Standards auditor for 2011, and Deloitte & Touche CIS was appointed as Sistema's US GAAP auditor for 2011. The AGM also elected the Audit Commission.
At the statutory Board meeting following the AGM, the Board of Directors appointed Vladimir Evtushenkov as Chairman. The Board also approved the Company's anti-corruption policy and changes to the Group's Ethics Code.
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For further information, please visit www.sistema.com or contact:
| Investor Relations | Public Relations | ||
| Evgeniy Chuikov | Vsevolod Sementsov | ||
| Tel.: +7 (495) 692 1100 | Tel: +7 (495) 730 1705 | ||
Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 7.8 billion for the first quarter of 2011, and total assets of US$ 46 billion as at March 31, 2011. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify 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. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.
1 Based on the Russian Central Bank exchange rate as at June 25, 2011
Copyright Business Wire 2011
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