Moscow, Russia, 25 July 2008 - Sistema-Hals JSC (LSE, MICEX: HALS), one of the leading diversified companies on the real estate market of Russia and the CIS, announced today that its Board of Directors had approved the documents and offering memorandum for an issue of ruble bonds. The Board also agreed to submit these documents to the Russian Federal Financial Markets Service (FFMS) for registration.
The company plans to issue RUB 5 billion in bonds (RUB 3 and 2 billion respectively) with a maturity period of 5 years. The issue is being organised by ZAO Raiffeisenbank and Renaissance Capital - Financial Consultant LLC.
The Board of Directors will pass separate resolutions on the bond offering and the date of the issue.
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Sistema-Hals OJSC is one of the leading diversified companies operating on the real estate market of Russia and the CIS. The company's core businesses are real estate development, project and construction management, real estate asset management and facility management.
Sistema-Hals was the first Russian development company to list on the Main Market of the London Stock Exchange. The company's shares are also traded on the Moscow Interbank Currency Exchange (MICEX) and the Moscow Stock Exchange. The AFK-Sistema group owns a 71.1% stake in Sistema-Hals, while 18% of the company's shares have been floated. Sistema-Hals is one of the largest real estate companies in Central and Eastern Europe in terms of market capitalisation.
Since its establishment in 1994, Sistema-Hals has successfully completed more than 30 projects with a total area of more than 300,000 sq. m. Among them are the headquarters of DaimlerChrysler, the Hals-Towers office building, the headquarters of the TMK Pipe Metallurgical Plant and a hotel for the MaMaison hotel chain (Orco Property Group).
Sistema-Hals is now building the Leningradsky Towers complex, consisting of two buildings, one of which will house the Moscow headquarters of Siemens. It is also working on an integrated programme for the redevelopment of properties belonging to the Moscow City Telephone Network (MGTS), the renovation of the Peking Hotel and the Central Detsky Mir ("Children's World") department store on Lubyanka Square and a number of other projects.
Sistema-Hals has built up a broad and well-balanced portfolio of assets in growing segments of the market. The company focuses on building Class A offices, mixed-use complexes, business class apartment buildings, single-family housing developments and land development.
As at 1 January 2008, Cushman & Wakefield valued Sistema-Hals' interest in the facilities and projects within its portfolio at $3.746 billion.
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