FOR IMMEDIATE RELEASE
Sistema divestS 50% stake in SG-trans
Moscow, Russia - August 31, 2016. Sistema PJSFC ("Sistema" or "the Corporation"") (LSE: SSA; MOEX: AFKS), a Russian public diversified holding company, has completed a transaction to sell a 50% equity stake in JSC SG-trans to a group of unaffiliated buyers for RUB 6 billion. The Corporation will maintain ownership of a number of assets previously spun out of JSC SG-trans, including JSC SG-trading and real-estate assets.
Mikhail Shamolin, President and Chief Executive Officer of Sistema, said: "Sistema and its partners have transformed SG-trans into one of Russia's leading rail freight operators, with an effective and sustainable business model. Despite the challenges faced by the Russian economy and transportation sector in recent years, SG-trans has been a profitable investment for the Corporation. This transaction is proof of our ability to successfully turn around and monetise businesses, supporting growth of the Corporation's shareholder value."
Sistema acquired SG-trans in November 2012. After reorganising the Corporation's transportation assets and bringing in additional investors, Sistema held a 50% stake in SG-trans. Non-core assets were divested from SG-trans Group.
For further information, please visit www.sistema.ru or contact:
Tel.: +7 (495) 730 66 00
Tel.: +7 (495) 228 15 32
Sistema is a publicly-traded diversified Russian holding company serving over 150 million customers in the sectors of telecommunications, high technology, banking, retail, timber processing, agriculture, tourism and healthcare services. The company was founded in 1993. In 2015, its revenue reached RUB 708.6bn; its total assets equalled RUB 1.3tn as of 31 December 2015. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Stock Exchange. Website www.sistema.ru.
This information is provided by RNS