27 Nov 2009 15:00
SISTEMA EGM APPROVES SALE OF CONTROLLING STAKES IN FIVE BASHKIR OIL COMPANIES TO BASHNEFT
Sistema (the "Group") (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, today announced that the Extraordinary General Meeting of shareholders ("EGM") has approved the sale of Sistema's stakes in Ufaneftechim JSC (47.18% of the total share capital), Novoil JSC (61.57%), Ufaorgsintez JSC (51.49%), Ufimskiy NPZ JSC (55.58%) and Bashkirnefteprodukt JSC (56.11%) to ANK Bashneft JSC ("Bashneft") for a total cash consideration of RUB 41.1 billion.
The EGM was convened and votes cast remotely via proxy, with November 16, 2009 as the final date for the receipt of ballots.
These transactions form the basis for creating a vertically integrated oil company with Bashneft controlling the holding structure. The completion of these deals is expected by the end of 2009.
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For further information, please visit www.sistema.com or contact:
| Sistema Investor Relations | Shared Value Limited | |
| Pavel Kim | Larisa Kogut-Millings | |
| Tel: +7 495 692 22 88 | Tel: +44 (0) 20 7321 5010 | |
| ir@sistema.ru | sistema@sharedvalue.net | |
Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages 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$ 4.2 billion for the second quarter of 2009, and total assets of US$ 33.8 billion as at June 30, 2009. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS), under the symbol "AFKC" on the Moscow Interbank Currency Exchange (MICEX), and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
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. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. 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 2009