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Financial Corporation "Sistema"

February 19, 2021

Joint venture of Sistema and Sber increases stake in JSC Elektrozavod

Sistema PJSFC (Sistema, the Corporation, or together with its subsidiaries and affiliates, the Group) (LSE: SSA, MOEX: AFKS), a Russian publicly traded investment company, announces that LLC Megapolis Invest (the Purchaser), a joint venture between Sistema (75.86%) and LLC Sberbank Investments (SberInvest) (24.14%), has signed an agreement to acquire an additional 29.64% stake in JSC Elektrozavod from a private investor for RUB 5.8bn. Following completion of the transaction, the Purchaser will hold a 94.01% stake in JSC Elektrozavod.

Previously, in December 2020, the Purchaser acquired a 64.37% stake in JSC Elektrozavod and 100% in LLC Elektrokombinat (together, Elektrozavod Group) from certain private investors for RUB 24.7bn. Sistema and SberInvest provided equity financing to the Purchaser in the amount of RUB 11.0bn and RUB 3.5bn, respectively. SberInvest provided additional debt financing to the Purchaser of RUB 10.2bn. The parties also concluded an agreement granting Sistema the right to acquire and SberInvest the right to sell its stake in the equity capital of the Purchaser to the Group.

Elektrozavod Group includes transformer equipment production facilities in Moscow and Ufa, maintenance divisions, research and design institutes, an engineering centre and land plots totalling 19 hectares near the Elektrozavodskaya metro station in Moscow.


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For further information, please visit www.sistema.com or contact: 

Investor Relations

Evgeniy Chuikov

Tel: +7 (495) 692 11 00

ir@sistema.ru

Public Relations

Sergey Kopytov

Tel.: +7 (495) 228 15 27

kopytov@sistema.ru

 

 

 

 


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