Moscow, Russia November 23, 2005 Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, today announced the completion of the consolidation of its fixed-line telecommunications operators under Comstar United TeleSystems.
Comstar UTS now owns majority stakes in Sistemas fixed-line businesses, including 99% of MTU-Inform, 100% of Telmos, 100% of MTU-Intel (including 100% of Golden Line) and 55.62% of MGTS. Comstar UTS paid for these acquisitions in the form of 255,919,860 newly issued shares, with Sistema acquiring 152,241,100 shares, ZAO UTS 57,446,760 shares, ZAO UTS MGTS 46,232,000 shares.
The shareholder structure of Comstar UTS post-consolidations is as follows: Sistema and its 100%-owned subsidiaries own 79.3% (Sistema 54.58%, ZAO UTS 20.59%, ECU Gest Holding 4.13%), and MGTS and its 100%-owned subsidiary own 20.7% (ZAO UTS MGTS 16.57%, MGTS 4.13%).
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