MOSCOW--(BUSINESS WIRE)--
SISTEMA INCREASES ITS STAKE IN NIS
Moscow, Russia – February 14, 2011 – Sistema JSFC (“Sistema”) (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that it has increased its stake in OJSC Navigation Information Systems (“NIS”) from 51% to 70% through an acquisition of an additional issue of NIS’ shares. Sistema paid for the shares by contributing its 51% stake in M2M Telematics LLC (“M2M Telematics”) to the charter capital of NIS. As a result, NIS holds a controlling stake in M2M Telematics.
Mikhail Shamolin, President and Chief Executive Officer of Sistema, commented: “As the GLONASS project has now reached the stage of active commercialisation, the shareholders of NIS decided to enhance the role of Sistema in managing NIS, a federal GPS network operator. Equally, control over M2M Telematics, the leader in the Russian market of transport monitoring, navigation and telematics, will provide NIS with additional sector expertise and know-how and will enable it to take advantage of synergies for future development of its services based on the GLONASS system.”
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For further information, please visit www.sistema.com or contact:
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Investor Relations Evgeniy Chuikov Tel.: +7 (495) 692 1100 |
Public Relations Vsevolod Sementsov Tel.:+7 (495) 730 1705 |
Sistema is the largest diversified public financial corporation 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$ 9.0 billion for the third quarter of 2011, and total assets of US$ 42.7 billion as at September 30, 2011. 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 342 in the 2010 edition of the Fortune Global 500 list. Website: www.sistema.com
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.
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