print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases  Financial Corporation "Sistema" REGISTER LOG IN

Press Releases > Financial Corporation "Sistema"  all about the company

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

December 13, 2017

Offering of Detsky mir shares cancelled due to arrest of Sistema’s assets initiated by Rosneft and Bashneft

Moscow, Russia – 13 December 2017 – Sistema PJSFC (“Sistema” or “the Corporation”) (LSE: SSA; MOEX: AFKS), a publicly traded diversified Russian holding company, announces that due to investor concerns triggered by hostile actions initiated by Rosneft and Bashneft resulting in court injunctions and arrest of all Sistema’s shares in PJSC Detsky mir (“Detsky mir” or the “Company”), the previously announced offering of Detsky mir shares (the “Offering”) can not be completed.

On 12 December 2017, after Sistema had successfully priced the Offering, the Arbitration Court of the Republic of Bashkortostan, at the request of Rosneft and Bashneft, granted injunctive measures ordering the arrest of Sistema’s assets, including all Detsky mir shares owned by the Corporation.

Sistema highly values its reputation among the investment community and regrets that the participants of the Offering can not proceed with the transaction.

The majority of participants in the Offering are leading international investors. The claims and actions of Rosneft and Bashneft have thus put obvious obstacles to the inflow of new foreign investments into the Russian economy.  Apart from the deliberate destruction of Sistema’s and its subsidiaries’ value, the irresponsible actions of Rosneft and Bashneft have now impacted global and Russian institutions.

It is Sistema’s firm belief that the key aims of the Rosneft’s and Bashneft’s lawsuits against the Corporation are unjust enrichment, the destruction of Sistema’s shareholder value, bringing the Corporation to bankruptcy, regardless of resulting negative impact on other parties and investment environment.

Sistema will defend its own interests and interests of its investors and stakeholders by all legal means.

***

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

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer