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Financial Corporation "Sistema"

November 7, 2005

Sistema sells its stake in Kamov-Holding

Moscow, Russia November 7, 2005 Sistema (LSE: SSA) the largest private sector consumer services company in Russia and the CIS, announced today that it has reached an agreement with Oboronprom to sell its 100% stake in Kamov-Holding, official distributor of Kamov helicopters, and the owner of 49.46% of Kamov, designer and manufacturer of helicopters, for a total cash consideration of US$11.8 million.

Oboronprom will also acquire debts of Kamov-Holding and Kamov to Sistema totaling RUR 120 million (equivalent to approximately US$ 4.2 million) and will also become the guarantor for the loans provided to Kamov-Holding by the Moscow Bank for Reconstruction and Development.
This transaction will be finalized following the receipt by Oboronprom of approval by the Federal Antimonopoly Service.

 

 

 

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