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"

June 21, 2013

Divestment Of RussNeft

Moscow, Russia- June 21, 2013 - Sistema JSFC ("Sistema", the "Group" or the "Company") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that it has signed two binding Sale Purchase Agreements ("Agreements") with Bradinor Holdings Limited ("Bradinor") and Cromeld Management Limited ("Cromeld") for the sale by the Company of 25% and 24% stakes in OJSC Oil and Gas Company RussNeft ("RussNeft"), respectively, for a total cash consideration of US$ 1.2 billion. The beneficial owners of Bradinor and Cromeld are Mikail Shishkhanov and Felix Dlin respectively. The completion of the transaction is expected in 3Q 2013 and is subject to satisfaction of all conditions precedent.

In addition, Sistema has obtained a call option to possibly acquire stakes in eight exploration and production companies which currently form RussNeft's Urals Group of companies. The decision whether to exercise the call option will be subject to operational considerations, due diligence and corporate and regulatory approvals. The call option is exercisable within three months of the signing of the Agreements.

Mikhail Shamolin, President and CEO of Sistema commented:

"Today's announcement is a milestone achievement for Sistema and its shareholders. In just over three years since the acquisition of our RussNeft stake, Sistema has achieved an impressive return on its investment. Under the diligent leadership of all stakeholders, RussNeft has transformed itself into one of the leading and fastest growing Russian upstream companies delivering excellent operational and financial results. This transaction is another demonstration of Sistema's unique track record of securing transformational deals, applying our value added strategic insight and achieving attractive monetization opportunities."

First Quarter 2013 Conference Call

Sistema plans to announce its 1Q 2013 Financial Results on June 21, 2013. The management will host an analyst conference call to discuss the results on June 21 at 9 am (London time) / 10 am (CET) / 12 pm (Moscow Time). To participate please use details below. 

The dial-in numbers for the conference call are:

UK/ International: +44 208 515 2319
US: +1 480 629 9645

The conference call title: "Sistema First Quarter 2013 Financial Results".

A replay of the conference call will be available on the Company's website for 7 days after the event. 




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


Site Map
Privacy Statement | Disclaimer