6th Nov 2014 18:20
UPDATE ON BINNOPHARM’S JOINT VENTURE
Moscow, Russia – November 6, 2014 – Sistema JSFC (“Sistema”) (LSE:SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that by mutual consent it has terminated its binding agreements signed in April 2014 with Fresenius Kabi and Zenitco Finance Management, minority shareholder of Binnopharm CJSC1, to establish a pharmaceuticals joint venture for operations in Russia and the CIS.
Binnopharm owns one of Russia’s largest facilities manufacturing biotechnological drugs in line with the international quality standard GMP. The company, which in recent years has successfully produced a number of biotech products, intends to focus on developing its portfolio of products and is exploring other options to continue cooperation with Fresenius Kabi.
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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 Eleonora Veitsman Tel.: +7 (495) 730 17 05 |
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.
1 Zenitco Finance Management and Sistema JSFC own 26% and 74% of Binnopharm, respectively.
Copyright Business Wire 2014
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