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M&A: Sistema JSFC to buy 1.7% of its shares

On July 11, 2014, Sistema Finance OJSC (a subsidiary of Sistema JSFC) signed an agreement with a non-affiliated seller regarding the purchase of 162,837,500 common shares in Sistema JSFC (accounting for 1.7% of its authorized capital) for approximately RUB 7.6 billion, Sistema informed.

The agreement became binding following the expiration of the seller's termination right on July 18. The shares are being purchased for general corporate purposes. As a result of the transaction, Sistema Group's holding of shares will be 4.53% of Sistema's total issued capital.

Sistema Joint-Stock Financial Corporation (Sistema JSFC, tax number: 7703104630) is a public diversified corporation providing services to more than 100 million consumers related to the following industries: telecommunications, high technologies, fuel and energy, radio and space technologies, banking services, retail trade, mass media, tourism and medical services. The company was established in 1993.

The authorized capital of Sistema JSFC is RUB 868.5 million represented by 9.65 billion common shares at par value of RUB 0.09. The company's principal shareholder is Vladimir Evtushenkov.

US GAAP net profit of Sistema JSFC for Q1 2014 grew by 3.5% to $363.3 million from $351.1 million the year before. Revenue decreased by 1.6% to $8.215 billion from $8.345 billion, adjusted OIBDA by 3.7% to $1.893 billion from $1.966 billion. Operating profit grew by 0.1% to $1.156 billion from $1.155 billion.

According to the DataCapital information retrieval system, RAS net loss of Sistema JSFC for Q1 2014 was RUB 36.648 billion against a profit of RUB 40.675 billion the year before. Revenue increased by to RUB 34.534 million from RUB 29.939 million. Loss before tax was 15% RUB 36.999 billion against a profit of RUB 40.98 billion.

"AK&M", 21.07.2014


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