9th Apr 2009 13:45
SISTEMA COMPLETES ACQUISITION OF A CONTROLLING STAKE IN BASHKIR OIL AND ENERGY GROUP
Moscow, Russia - April 9, 2009 - Sistema (LSE:SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries, today announced that it has concluded the acquisition of a controlling stake in Bashkir Oil and Energy Group with a first tranche of US$ 2.0 billion paid to Agidel-Invest LLC, Ural-Invest LLC, Inzer-Invest LLC and Yuryuzan-Invest LLC.
As a result of this transaction, Sistema now owns a 76.52% stake in ANK Bashneft JSC, a 65.78% stake in Ufaneftechim JSC, a 87.23% stake in Novoil JSC, a 73.02% stake in Ufaorgsintez JSC, a 78.49% stake in Ufimskiy NPZ JSC and a 73.33% stake in Bashkirnefteproduct JSC. According to the terms of the deal, the second tranche of the remaining US$ 500 million will be paid on a deferred basis after 14 months.
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For further information, please visit www.sistema.com or contact:
| Sistema Investor Relations | Shared Value Limited | |||
| Pavel Kim | Larisa Kogut-Millings | |||
| Tel: +7 495 692 22 88 | Tel: +44 (0) 20 7321 5010 | |||
Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries and has over 100 million customers. Sistema develops and manages market-leading businesses in selected industries, including telecommunications, technology, banking, real estate, retail, media, tourism and healthcare. 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).
Bashkir Oil and Energy Group is a top ten oil production company in Russia (with 11.7 million tons produced in 2008), the fifth largest oil processing Russian company (with 21 million tons processed in 2008) and the fourth largest company by oil reserves (over 310 million tons). The Group's revenues amounted to RUB 161.3 billion for the first nine months of 2008 RAS.
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
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