11th Nov 2011 12:00
SISTEMA OBTAINS THE RIGHT TO ACQUIRE 100% OF OJSC DONSKOE
Moscow, Russia - November 11, 2011 - JSFC Sistema ("Sistema") (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that it has won an open auction to have the right to acquire a 100% stake in OJSC Donskoe from the State for RUB 476.5 million. The auction was held on November 10, 2011 in accordance with a decree of the Federal Agency for State Property Management. Donskoe is located in the Rostov region of the Russian Federation and occupies 25.4 thousand hectares of land.
The acquisition of Donskoe is in line with Sistema's strategy to enter new sectors. Completion of the acquisition remains subject to execution of the necessary documentation and completing the payment. It is anticipated that the deal will be closed in December 2011.
Mikhail Shamolin, President and Chief Executive Officer of Sistema, commented: "Grain production costs in Russia are among the lowest in the world. Thus, export of grain in 2011 was the highest in the recent history of our country. We believe that our domestic agricultural sector has great potential."
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For further information, please visit www.sistema.com or contact:
| Investor Relations Evgeniy Chuikov Tel.: +7 (495) 692 1100 | Public Relations Vsevolod Sementsov 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$ 9.0 billion for the second quarter of 2011, and total assets of US$ 46.6 billion as at June 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 RTS Stock Exchange, under the symbol "AFKC" on the MICEX 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.
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 2011
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