29th Sep 2014 10:38
STATEMENT REGARDING SISTEMA’S STAKE IN OJSC BASHNEFT
Moscow, Russia – September 29, 2014 – Sistema JSFC (“Sistema”) (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, announces that it has received a notice from OJSC REESTR relating to the shares of OJSC Bashneft owned by Sistema and CJSC Sistema-Invest (the “Bashneft Shares”).
According to the notice, the Moscow Court of Arbitration has imposed a restriction on transactions (“Restriction”) relating to the Bashneft Shares. The Restriction is in connection with a civil claim against Sistema and Sistema Invest resulting from an investigation reportedly related to the privatisation of BashTEK Group. The Restriction does not affect Sistema's and Sistema-Invest’s voting rights, but prevents transactions in Bashneft Shares and the receipt of dividends, which will be paid into an escrow account pending resolution of the investigation. The Restriction is effective from September 25, 2014 and is independent to the one announced on July 15, 2014 in connection with a separate criminal investigation.
Sistema was not party to the privatisation of BashTEK Group and will use all available legal means to defend its rights. Sistema is continuing to cooperate fully with the investigations and will update the market as appropriate.
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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 Olga Gudina Tel.: +7 (495) 730 71 88 |
Sistema is the largest publicly-traded diversified holding 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$ 8.8 billion for the second quarter of 2014, and total assets of US$ 45.2 billion as at June 30, 2014. 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 Moscow Exchange. Sistema was ranked number 308 in the 2013 edition of the Fortune Global 500 list. Website: www.sistema.com
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.
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.
Copyright Business Wire 2014
Related Shares:
SSA.L