SISTEMA CONSOLIDATES ITS OWNERSHIP OF DALCOMBANK
Sistema (LSE:SSA), the largest public diversified corporation in Russia and the
CIS, which manages fast growing companies operating in the consumer services
sector, today announced that it has fully consolidated its ownership of
Dalcombank, a commercial bank based in the Far East of Russia. Sistema increased
its stake from 98.65% to 100% for a total cash consideration of approximately
US$ 2.9 million.
In August 2007, Sistema acquired 20% stake in Dalcombank. Sistema increased its
holding to 48.16% in October 2007. In January 2008, Sistema raised its stake to
98.65% through a public offer to existing shareholders of the bank.
The acquisition of shares in Dalcombank is in line with the development of
Sistema's banking group, which presently comprises Moscow Bank for
Reconstruction and Development (MBRD) and East-West United Bank (Luxembourg).
Dalcombank is a leading bank in the Far East region of Russia with a wide retail
network, including the largest cities: Birobidzhan, Blagoveshchensk,
Vladivostok, Irkutsk, Komsomolsk-on-Amur, Khabarovsk, Yakutsk and other.
For further information, please visit www.sistema.com or contact:
Sistema Investor Relations Shared Value Limited
Pavel Kim Larisa Kogut-Millings
Tel: +7 495 692 22 88 Tel: +44 (0) 20 7321 5010
Head of International Press Office
Tel: +7 495 730 71 88
Sistema is the largest public diversified corporation in Russia and the CIS,
which manages fast growing companies operating in the consumer services sector
and has over 100 million customers. Sistema develops and manages market-leading
businesses in selected service-based industries, including telecommunications,
high technologies, radio- and space technologies, banking, real estate, retail,
media, tourism and healthcare. Founded in 1993, the company reported unaudited
revenues of US$ 3.8 billion for the first quarter of 2008, and total assets of
US$ 30.3 billion as at March 31, 2008. Sistema's shares are listed under the
symbol 'SSA' on the London Stock Exchange, under the symbol 'AFKS' on the
Russian Trading System (RTS), under the symbol 'AFKC' on the Moscow Interbank
Currency Exchange (MICEX), and under the symbol 'SIST' on the Moscow Stock
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. In addition, there is
no assurance that the new contracts entered into by our subsidiaries referenced
above will be completed on the terms contained therein or at all. 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.