30th Mar 2012 11:16
INCREASE IN SSTL'S AUTHORISED CAPITAL
Moscow, Russia - March 30, 2012 - Sistema JSFC ("Sistema") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that Sistema Shyam TeleServices Limited (SSTL), Sistema's subsidiary that operates its telecom services under the MTS brand in India, held an Extraordinary General Meeting (EGM) today passing a resolution to increase its authorised capital from INR 60 billion to INR 120 billion (approximately US$ 2.36 billion) by issuing Non-Convertible Redeemable Preference Shares to the extent of INR 60 billion (approximately US$ 1.18 billion).
In the same meeting, the shareholders also authorised the Board of Directors of SSTL to issue the said Preference Shares to investors in one or more tranches based on SSTL's development requirements. No change in the voting equity structure of SSTL is expected as a result of the increase in its share capital. Proceeds from any such issuance will be used for SSTL's general corporate purposes.
About Sistema Shyam TeleServices Ltd
Sistema Shyam TeleServices Ltd. (SSTL) is a venture, involving equity participation by Sistema (LSE: SSA) of Russia, the Russian Federation and the Shyam Group of India. Sistema is the majority shareholder in the company which operates its telecom services under the MTS brand. MTS is well recognized in India and worldwide for its commitment to high quality and innovative telecom solutions. MTS has recently been ranked by Millward Brown as 80th most valuable brand in the world. In a short span of time, MTS in India has secured over 16 million wireless subscribers and under the MBlaze brand provides mobile broadband services to more than 1.5 million customers in over 350 towns across the country.
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For further information, please visit www.sistema.com or contact:
| Investor Relations | Public Relations | |
| Evgeniy Chuikov | Vsevolod Sementsov | |
| Tel.: +7 (495) 692 1100 | Tel.:+7 (495) 730 1705 | |
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Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of 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$ 9.0 billion for the third quarter of 2011, and total assets of US$ 42.7 billion as at September 30, 2011. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the MICEX-RTS Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE). Sistema was ranked number 342 in the 2010 edition of the Fortune Global 500 list. Website: www.sistema.com
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. 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.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.
Copyright Business Wire 2012
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