15th May 2009 16:00
SISTEMA EFFECTS TRANSFER OF ASSETS WITH SISTEMA-HALS
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 it has transferred its ownership in Lubyanka Development OJSC to Sistema-Hals in exchange for a controlling stake in Mosdachtrest OJSC.
Mosdachtrest owns and manages approximately 200 ha of land and around 800 country estates with a total area of more than 100,000 square metres located in 15 suburban locations of Moscow and Moscow region. The completion of the transaction for the acquisition of the controlling stake in Mosdachtrest is contingent upon the fulfillment of a number of conditions.
Lubyanka Development owns a shopping centre, Central Detsky Mir, located in Moscow, which is currently closed for reconstruction.
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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 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$ 16.7 billion for the full year of 2008, and total assets of US$ 29.2 billion as at December 31, 2008. 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
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