8th Nov 2010 13:00
SISTEMA AND SBERBANK INTEND TO SIGN AGREEMENT REGARDING PARTICIPATION IN CAPITAL OF DETSKY MIR-CENTER
MOSCOW, Russia - November 8, 2010 - Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests, in and is a major shareholder of, companies operating in different industries, today announces that an Extraordinary General Meeting of shareholders of OJSC Detsky Mir-Center (the "Company") approved a resolution to increase the Company's share capital through an additional share issue offered to Sberbank in a private placement. Detsky Mir-Center will issue 743 shares with a par value of RUB 100, representing 25% + 1 share of the Company's share capital after the additional issue. The shares will be placed at approximately RUB 4.6 million per common share.
The structure of the deal currently under discussion includes a right of Sberbank to sell the Company's shares to Sistema.
Within the framework of this transaction, Sistema, its subsidiaries and Sberbank will sign a number of agreements, including a share purchase agreement and a put option agreement to transfer Detsky Mir-Center shares. The completion of this deal will also be contingent upon the fulfillment of a number of conditions in such agreements, including obtaining necessary corporate approvals from each party and approvals from regulatory authorities. The deal and the placement of the Company's additional shares are expected to be completed by the end of 2010.
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For further information, please visit www.sistema.com or contact:
| Investor Relations | Public Relations | ||
| Ekaterina Tsukanova | Vsevolod Sementsov | ||
| Tel: +7 (495) 228 1536 | 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$ 6.9 billion for the second quarter of 2010, and total assets of US$ 40.2 billion as at June 30, 2010. 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.
Copyright Business Wire 2010
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