3rd Dec 2009 08:00
SISTEMA COMPLETES THE SALE OF A CONTROLLING STAKE IN SISTEMA-HALS TO VTB BANK
Moscow, Russia - 3 December, 2009 - Sistema (the "Group") (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 announced that VTB Bank has exercised its call option to acquire a further 31.5% stake in Sistema-Hals for RUB 30. Sistema has completed the final stage of the sales agreement signed with VTB Bank in April 2009. In the first stage, concluded in April 2009, VTB Bank acquired a 19.5% stake in Sistema-Hals for RUB 30. Following the exercise of the call option VTB Bank owns 51% of Sistema-Hals.
Both parties have signed a shareholder agreement, which defines the terms of their cooperation on a number of investment projects of Sistema-Hals Group and terminates Sistema Group's obligations and guarantees with regards to Sistema-Hals Group's debt to VTB Bank.
Leonid Melamed, President and Chief Executive Officer of Sistema, commented: "Our strategic partnership with VTB Bank provides a platform for a productive development of Sistema-Hals and the increase of its asset value. We continue to see great potential in the Russian real estate sector and will participate in the management of Sistema-Hals as we remain one of the key shareholders."
***
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 financial corporation in Russia and the CIS, which manages 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$ 4.2 billion for the second quarter of 2009, and total assets of US$ 33.8 billion as at June 30, 2009. 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