3rd Dec 2009 08:02
Press release
3 December 2009
VTB acquires controlling stake in Sistema-Hals
JSC VTB Bank and AFK Sistema announce today that VTB has exercised a call option to acquire 31.5 % of Sistema-Hals shares from Sistema for a symbolic price of thirty rubles.
The transaction represents the second stage of an agreement signed between VTB and Sistema-Hals in April 2009. During the first stage, VTB purchased 19.5% of Sistema-Hals shares also for thirty rubles and gained the right to exercise this call option. As a result of this second transaction VTB's share in the authorized capital of Sistema-Hals has increased to 51.2%.
Under the terms of their agreement the partners intend to restructure the debt of Sistema-Hals to VTB. The partners have also agreed the terms governing the implementation of a number of joint investment projects.
Contacts:
Investor Relations:
Tel.: +7 (495) 775-71-39
E-mail: [email protected]
Related Shares:
VTBR.L