Moscow, Russia – 16 January 2017 – Sistema PJSFC (“Sistema” or “the Corporation”) (LSE: SSA; MOEX: AFKS), a Russian public diversified holding company, notes that its subsidiary, PJSC “Detsky mir” (the “Company” and, together with its subsidiaries, “Detsky Mir”) has announced its intention to conduct an Initial Public Offering (the “Offering"). Sistema plans to participate in the Offering as a selling shareholder, and retain majority ownership of the Company following completion of the Offering.
Mikhail Shamolin, President and CEO of Sistema, said: “Over the last several years Detsky Mir has leveraged its iconic brand to execute a strategy of building the undisputed leader in the Russian specialised children’s goods market. Today Detsky Mir has a network of more than 500 stores in 178 cities across Russia and Kazakhstan, a rapidly growing e-commerce business, and a cash generative business model providing strong returns on capital and consistent dividend payments. The IPO will allow a new generation of shareholders to benefit from Detsky Mir’s continued growth. Sistema firmly believes in the outlook for Detsky Mir and we will retain a majority interest in the company following the IPO.”
Full text of Detsky Mir's announcement is available at corp.detmir.ru/en/
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