31st May 2012 13:40
SISTEMA TO CONDUCT US$ 300 MILLION BUYBACK PROGRAMME
Moscow, Russia - May 31, 2012 - Sistema JSFC ("Sistema" or the "Company") (LSE: SSA), the largest diversified publicly-traded investment company in Russia and the CIS, today announces that it intends to give irrevocable instructions to brokers acting on its behalf in connection with a buyback programme (the "Programme") in respect of Sistema's Global Depository Receipts ("GDRs") and ordinary shares ("Shares"). The Programme will be for the buyback of US$ 300 million of GDRs and Shares (with a substantial majority allocated to the purchase of GDRs). The instructions will be valid from June 6, 2012 until October 15, 2012. Purchases of Shares and GDRs pursuant to the Programme will be conducted within certain pre-set parameters and in line with general market practices regarding volume and price limitations.
Shares and GDRs will be acquired via, and held by Sistema subsidiaries. Upon completion of the Programme, Shares and GDRs purchased will be held by Sistema subsidiaries until a decision concerning their utilisation is made in the future. An announcement about any such decision will be made when appropriate.
No purchases of Shares or GDRs are intended to be made in the United States.
The Company is not an investment company, and is not and will not be registered as such, under the U.S. Investment Company Act of 1940.
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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 publicly-traded investment company 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$ 7.9 billion for the first quarter of 2012, and total assets of US$ 47.3 billion as at March 31, 2012. 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
Related Shares:
SSA.L