Information  X 
Enter a valid email address

JSFC Sistema (SSA)

  Print      Mail a friend

Thursday 19 August, 2010

JSFC Sistema



JSFC Sistema



Moscow, Russia – August 19, 2010 – Sistema (“The Company”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, notes articles dated August 19, 2010 in the Russian press referring to the commencement of a merger between Bashneft and Russneft, plans to effect changes in the management of Bashneft and the management of Sistema’s “Oil and Energy Group” Business Unit, and the Company’s dissatisfaction with the development of the Bashneft assets and the potential transfer of the management of these assets to Mikhail Gutseriev.

While the Company generally does not comment on market rumours, in this instance the Company wishes to clarify that these reported matters do not reflect the facts or the position of Sistema’s management.


For further information, please visit or contact:

Sistema Investor Relations           Shared Value Limited
Ekaterina Tsukanova Larisa Kogut-Millings
Tel: +7 495 228 1536 Tel: +44 (0) 20 7321 5010

Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 6.2 billion for the first quarter of 2010, and total assets of US$ 42.6 billion as at March 31, 2010. Sistema’s global depository receipts are listed under the symbol “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the symbol “AFKS” on the RTS Stock Exchange, under the symbol “AFKC” on the MICEX Stock Exchange, and under the symbol “SIST” on the Moscow Stock Exchange (MSE).

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.