28th Apr 2009 13:30
SISTEMA BOARD SETS THE DATE OF AGM
Moscow, Russia - April 28, 2009 - Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced that the Board of Directors (the "Board") set the date for the Annual General Meeting of Shareholders ("AGM") for June 27, 2009.
The record date for the Company's share and GDR holders entitled to participate in the AGM has been set for May 15, 2009.
Among other issues the Board recommended the AGM to consider the following:
1. Approve the Company's Annual Report;
2. Approve the Company's Russian Accounting Standards annual financial statements for 2008;
3. Elect the members of the Audit Committee;
4. Elect the members of the Board of Directors;
5. Approve the distribution of profits and losses of the Company based on the full year 2008 results, including size, order, form and timing of dividends payment;
6. Approve Sistema's auditors.
The Board of Directors recommended the AGM not to pay annual dividends for 2008, following the Company's net loss generated by Sistema in the period in accordance with Russian Accounting Standards.
The Board also recommended appointing Gorislavtsev & Co CJSC as Russian statutory auditors of Sistema and Deloitte Touche CIS as auditors of the Group's US GAAP financial results.
Further information with regard to the AGM and other related issues will be available from May 27, 2009 on Sistema's website at www.sistema.com or by request at Sistema's office.
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For further information, please visit www.sistema.com or contact:
Sistema Investor Relations Shared Value LimitedPavel Kim Larisa Kogut-MillingsTel: +7 495 692 22 88 Tel: +44 (0) 20 7321 5010[email protected] [email protected]Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 12.6 billion for the first nine months of 2008 (unaudited), and total assets of US$ 32.0 billion as at September 30, 2008 (unaudited). Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS), under the symbol "AFKC" on the Moscow Interbank Currency Exchange (MICEX), 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.
Copyright Business Wire 2009
Related Shares:
SSA.L