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Financial Corporation "Sistema"

January 17, 2017

Sistema to sell up to 0.92% of MTS shares in connection with tender offer

Moscow, Russia – January 17, 2017. Sistema PJSFC (“Sistema” or “the Corporation”) (LSE: SSA; MOEX: AFKS), a Russian public diversified holding company, announces that its subsidiary Sistema Finance S.A. has entered into a binding agreement to sell shares of PJSC MTS (“MTS”) in connection with the tender offer to purchase MTS shares (the “Tender Offer”) being carried out by MTS subsidiary Stream Digital, LLC (the “Buyer”).

Under the agreement, Sistema Finance S.A. will sell up to 18,387,273 ordinary shares of MTS (up to 0.92% of the company’s share capital) for a consideration of up to RUB 4,651,980,169. The exact number of shares for the transaction will be determined based on the number of shares sold by minority shareholders of MTS under the Tender Offer in proportion to Sistema’s effective stake in MTS of as of 17 January 2017 (50.03%).  The transaction will be executed at a price equal to the sale price at which minority shareholders participate in the Tender Offer. This transaction is dependent on the Buyer successfully implementing the Tender Offer. 

As a result of the share sale and implementation of the Tender Offer, Sistema’s effective stake in the share capital of MTS will remain unchanged.

Sistema President Mikhail Shamolin said: “As a leading Russian telecommunications operator and one of the most profitable companies in the sector, MTS remains focused on delivering attractive shareholder returns and is consistently pursuing a policy of returning cash to investors. Participation in the share buyback gives Sistema the opportunity to strengthen its cash position and to receive additional investment resources while maintaining control in its strategically important asset.”

***

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

Investor Relations

Yuri Krebs

Tel.: +7 (495) 730 66 00

y.krebs@sistema.ru

Press service

Sergei Kopytov

Tel.: +7 (495) 228 15 32

kopytov@sistema.ru

 

 

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