7 Nov 2012 09:00
FOR IMMEDIATE RELEASE November 7, 2012
SISTEMA COMPLETES REORGANISATION OF BASHKIRENERGO
Moscow, Russia - November 7, 2012 - Sistema JSFC ("Sistema") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces the completion of the reorganisation of its subsidiary OJSC Bashkirenergo ("Bashkirenergo").
In accordance with the previously announced agreement with OJSC INTER RAO UES ("INTER RAO UES") in May 2012, Bashkirenergo has been split into JSC Bashkirian Power Grid Company, which combines transmission and distribution grids, and OJSC Bashenergoactiv, which integrates power generation assets.
Upon completion of the reorganisation, Sistema-Invest obtained a 92.48%1 voting stake in Bashkirian Power Grid Company and received RUB 11.2 billion in cash and promissory notes from INTER RAO, payable in installments by September 29, 2013. Sistema no longer has any interest in the power generation assets.
Bashkirian Power Grid Company is a large regional company providing electricity transmission services between the central part of Russia and the Urals and power transmission and distribution services to end-consumers in the Republic of Bashkortostan. The company's assets include power transmission and distribution lines of 0.4 - 500 kV covering a total length 88,361 km, three substations of 500 kV, eleven substations of 220 kV, 245 substations of 110 kV, 330 substations of 35 kV and 22,294 transformers of 0.4/6/10 kV. The total installed transformer capacity of substations is 16,648.7 MWA. Bashkirenergo's transmission and distribution grid segment generated revenues of US$ 176 million in the first six months of 2012.
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For further information, please visit www.sistema.com or contact:
| Investor Relations Evgeniy Chuikov Tel.: +7 (495) 692 1100 ir@sistema.ru | Public Relations VsevolodSementsov Tel.:+7 (495) 730 1705 pr@sistema.ru |
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$ 8.1 billion for the second quarter of 2012, and total assets of US$ 43.6 billion as at June 30, 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 315 in the 2011 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.
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.
1 Sistema and Bashneft have 50.6% and 49.4% ownership respectively in Sistema-Invest
Copyright Business Wire 2012