Moscow, Russia- September 9, 2014 - Sistema JSFC ("Sistema") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that it has agreed in principle for the sale of a minority stake in JSC Detsky mir ("Detsky mir") to the Russia-China Investment Fund ("RCIF"). The parties are now in discussion over the terms, structure and details of the contractual documentation for the deal and expect to sign binding agreements by the end of the year after carrying out all the necessary corporate and regulatory procedures. Most of the proceeds from the sale will be spent on Detsky mir's development, including constructing new logistics centres and opening new stores.

Mikhail Shamolin, President and CEO of Sistema, commented:

"We are pleased to announce a proposed cooperation with the Russia-China Investment Fund which marks an important step in expanding our partnerships in Asia.Sistema has a long standing track record of establishing best-in-class companies. Detsky mir is a rapidly developing retailer with excellent growth prospects and a talented management team. RCIF's proposed investment will help expand Detsky mir's network in Russia and unlock further value for all stakeholders."

For further information, please visit www.sistema.com or contact:

Search by industry

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z