24th Oct 2006 07:45
Sistema (LSE:SSA), the largest private sector consumer servicescompany in Russia and the CIS, announced today that it has completedthe purchase of 2% of its stock, which constitutes a total of 193,000ordinary shares, in the amount of approximately US$ 239 million. Thepurchase was completed through Sistema Finance, one of Sistema'ssubsidiaries. £ As announced earlier, Sistema is establishing a share optionprogramme for the top management of the Company. The acquired sharesare intended for the funding of this programme and may also be used inconnection with certain future acquisition activity. £ 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