Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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JSFC Sistema (SSA)

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Tuesday 23 October, 2007

JSFC Sistema


JSFC Sistema


Sistema (LSE:SSA), the largest private sector consumer services company in
Russia and the CIS, today announced that it has signed a share purchase
agreement for the acquisition of an additional 41% stake in Shyam Telelink Ltd.,
an Indian telecommunications operator, and a call option agreement which gives
Sistema the right to increase its stake in Shyam Telelink Ltd. from 51% up to a
maximum of 74%, subject to receiving an approval from the Foreign Investment
Promotion Board (FIPB) of India.

Upon acquisition of the additional 41% stake, the overall purchase price is
expected to reach US$ 58.1 million. Thereafter, Sistema will have the right to
purchase an additional 23% stake in Shyam Telelink Ltd. during 20 months
following such an acquisition and pursuant to the call option agreement at the
price which will be based on the fair market value of the company at the time of
such additional purchase. If such call option is not exercised within 30 months,
Sistema will be obligated to pay to the sellers an amount equal to 11.5% of the
increase in the fair market value of the company.

In addition, Sistema signed a put option agreement for 51% stake in Shyam
Telelink Ltd. for a total price not less than the purchase price of the 51%
stake. This put option is exercisable within 12 months following the acquisition
of 10% stake in Shyam Telelink Ltd.

The company applied to appropriate state authorities for obtaining unified
telecommunication licenses in order to provide fixed-line and cellular services
in 21 states of India. The company intends to start its network expansion if
such licenses are granted.

Sistema's acquisition of additional ownership stakes in Shyam Telelink Ltd. is
subject to a number of conditions, including the execution of additional
documents and obtaining various approvals.

For further information, please visit or contact:

Sistema Public Relations    Shared Value Limited
Kirill Semenov              Larisa Kogut-Millings
Tel: +7 495 730 7188        Tel. +44 (0) 20 7321 5037

Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 80 million customers. Sistema develops and manages
market-leading businesses in selected service-based industries, including
telecommunications, technology, insurance, banking, real estate, retail and
media. Founded in 1993, the company reported revenues of US$ 5.9 billion for the
first half of 2007, and total assets of US$ 22.5 billion as at June 30, 2007.
Sistema's shares are listed under the symbol 'SSA' on the London Stock Exchange,
under the symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE) and under the symbol 'AFKS' on
the Moscow Interbank Currency Exchange (MICEX).

Shyam Telelink Ltd. obtained a unified license to provide fixed-line and
cellular services to corporate and residential customers in the Indian state of
Rajasthan with a population of approximately 62 million people. The company also
controls 100% of the local internet service provider Shyam Internet Ltd. Shyam
Telelink Ltd. owns a developed telecommunications infrastructure which includes
4,000 kilometres of fiber-optic lines.

Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Sistema. You can identify forward looking statements by terms
such as 'expect,' 'believe,' 'anticipate,' 'estimate,' 'intend,' 'will,'
'could,' 'may' or 'might' the negative of such terms or other similar
expressions. We wish to caution you that these statements are only predictions
and that actual events or results may differ materially. We do not intend to
update these statements to reflect events and circumstances occurring after the
date hereof or to reflect the occurrence of unanticipated events. Many factors
could cause the actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others, general
economic conditions, our competitive environment, risks associated with
operating in Russia, rapid technological and market change in our industries, as
well as many other risks specifically related to Sistema and its operations.

Information contained in this announcement does not constitute a public offer or
an advertisement of securities in Russia, is not an offer, or an invitation to
make offers, to purchase any securities in Russia. The reverse convertible
certificates have not been and will not be registered in Russia and are not
intended for 'placement' or 'public circulation' in Russia.