print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

December 18, 2013

Reorganisation of Sistema Invest

Moscow, Russia- December 18, 2013 - Sistema JSFC ("Sistema" or the "Group") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS today announces that the Group's Board of Directors ("Board") has approved a restructuring plan for Sistema's subsidiary  - Sistema Invest CJSC[1] ("Sistema Invest"). 

The reorganisation proposes the separation of Sistema Invest's assets, with 20.2% of Bashneft's ("Bashneft" or the "Company") issued ordinary shares[2] being transferred from Sistema Invest to Bashneft Invest - a newly formed 100% Bashneft owned subsidiary. Bashneft Invest will also receive Sistema Invest's payables due to Bashneft which amount to approximately RUB 36 billion.  

Sistema Invest will retain 8.4% of Bashneft's charter capital, 21.5% of Ufaorgsintez' charter capital and 90.5% of Bashkirian Power Grid Company's charter capital, and will become a 100% owned subsidiary of Sistema. 

Following the reorganisation, Bashneft intends to cancel the ordinary shares transferred to Bashneft Invest. This in turn is expected to result in Sistema owning 70.5%[3] of Bashneft's charter capital (prior to the results of Bashneft's mandatory tender offer). 

The completion of the reorganisation is subject to all necessary corporate approvals from Bashneft and Sistema Invest.   

Mikhail Shamolin, CEO and President commented: 

"The elimination of the cross ownership structure is the last major milestone towards simplifying Bashneft's corporate structure. The announced plan improves the dividend flow to all Bashneft shareholders, it rationalises the Company's assets and creates a far more effective structure for Sistema's petrochemical and power grid companies. 

This substantial value crystalisation will benefit all shareholders and make Bashneft one of the most transparent companies in Russia." 

*** 

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

Investor Relations

Evgeniy Chuikov

Tel.: +7 (495) 692 1100

ir@sistema.ru

Public Relations

Ekaterina Tsukanova

Tel.: +7 (495) 228 1536

pr@sistema.ru 

[1] Sistema owns 50.6% in the charter capital of Sistema Invest CJSC, Bashneft owns 49.4% in the charter capital of Sistema Invest CJSC. Sistema Invest CJSC prior to the proposed transaction owns 25.2% in the charter capital of Bashneft.

[2] 38,139,925 ordinary shares of Bashneft which represents 20.2% of Bashnefts ordinary issued share capital or 16.8% of charter capital

[3] Including ownership through 100% subsidiaries of Sistema - Sistema Invest CJSC and Sistema Finance OJSC.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

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


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer