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VTB enters an agreement with AFK Sistema to purchase JSC Sistema-Hals shares

7 April 2009

JSC VTB Bank has bought from AFK Sistema (joint-stock financial corporation) shares of JSC Sistema-Hals which account for 19.5% of its charter capital, for RUB 30 and got a call-option to buy out from CJSC Hals-Finance its shares accounting for 31.5% of JSC Sistema-Hals' charter capital.

VTB will be entitled to exercise the option the moment it gets permit from the regulator. Once the option has been exercised, VTB interest in JSC Sistema-Hals' charter capital will reach 51%, with AFK Sistema owning about 20% of the company's shares.

At the same time, the parties have agreed in the terms for restructuring JSC Sistema-Hals' debt to VTB.

After acquiring the shares, VTB Bank plans to actively participate in the company's management; in particular, the Bank will nominate its representatives to be elected members of JSC Sistema-Hals' Board of Directors.

For reference:

AFK Sistema is the largest diversified consumer services corporation in Russia and the CIS managing fast growing businesses in telecommunications, service-based and hi-tech industries. The Corporation is serving more than 100 million consumers in such spheres as telecommunications, hi-tech, radio and space technologies, financial services, real estate, retail, media, travel and healthcare.
JSC Sistema-Hals is the largest diversified company operating in the real estate markets of Russia and the CIS. Its major business lines are as follows: real estate development, asset management and facility management. Since it was founded Sistema-Hals has successfully completed over 30 projects with a total area of about 300,000 m2.

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