8th Mar 2011 07:05
SISTEMA BOARD OF DIRECTORS APPROVES SALE OF ITS STAKE IN SITRONICS TO RTI
Sistema JSFC (the "Company") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announced that its Board of Directors has approved the sale of Sistema's stake in OJSC SITRONICS ("SITRONICS") to OJSC RTI ("RTI"). Sergey Boyev, previously Vice President of Sistema and the Head of "High Technologies and Industry" business unit, was earlier appointed as General Director of OJSC RTI.
In accordance with the proposal, Sistema's Board of Directors approved the sale of the Company's stake of approximately 63% in SITRONICS to RTI for US$ 0.9228 per GDR (based on the three-month weighted average price for GDR of SITRONICS on the LSE). To facilitate the transaction, Sistema's Board of Directors has also approved the extension of a short-term loan by Sistema to RTI.
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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 | |
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$ 7.3 billion for the third quarter of 2010, and total assets of US$ 42.0 billion as at September 30, 2010. 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 RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange, 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.
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 2011
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