Sistema has fulfilled all financial obligations under the Settlement Agreement
Moscow, Russia – 5 March 2018 – Sistema PJSFC (“Sistema” or the “Corporation”) (LSE: SSA, MOEX: AFKS) a publicly traded diversified Russian holding company, announces that the Corporation today transferred to PJSOC Bashneft the final tranche of RUB 40 billion under the settlement agreement (“Settlement Agreement”) reached with Bashneft, Rosneft and the Ministry of Land and Property Relations of the Republic of Bashkortostan (the “Claimants”).
Sistema has thus fully performed all of its financial obligations under the Settlement Agreement in full accordance with the Settlement Agreement, having made payments to Bashneft totalling RUB 100 billion.
Under the terms of the Settlement Agreement, within three business days upon fulfilment by Corporation of all of its financial obligations, the parties to the Settlement Agreement should file the motions to withdraw all previous claims made against each other (the “Claims”), and request the annulment in full of all and any restrictive measures imposed under the Claims in respect of assets owned by Sistema and Sistema-Invest.
Each party to the Settlement Agreement should withdraw and waive all other claims against respective parties to the Settlement Agreement that arose or may arise in future in connection with the Claims. The Settlement Agreement shall settle all litigations between the Claimants, Sistema and Sistema-Invest relating to the ownership and or management of Bashneft and or its affiliated entities by Sistema and Sistema-Invest.
For further information, please visit www.sistema.ru or contact:
Tel.: +7 (495) 730 66 00
Tel.: +7 (495) 228 15 32
Sistema PJSFC is a publicly traded diversified Russian holding company serving over 150 million customers in such sectors as telecommunications, retail, paper and packaging, agriculture, high technology, banking, real estate, pharmaceuticals, tourism and healthcare services. The company was founded in 1993. Sistema’s revenues for 9M 2017 reached RUB 509.6 billion and its total assets amounted to RUB 1.1 trillion as of 30 September 2017. Sistema's global depositary receipts are listed under the “SSA” ticker on the London Stock Exchange. Sistema’s ordinary shares are listed under the “AFKS” ticker on the Moscow Exchange. Website: www.sistema.com