Joint venture of Sistema and Sber increases stake in JSC Elektrozavod

19 February 2021, Moscow – Sistema PJSFC (“Sistema”, the “Corporation”, or together with its subsidiaries and affiliates, the “Group”) (LSE: SSA, MOEX: AFKS), a Russian publicly traded investment company, announces that LLC Megapolis Invest (the “Purchaser”), a joint venture between Sistema (75.86%) and LLC Sberbank Investments (“SberInvest”) (24.14%), has signed an agreement to acquire an additional 29.64% stake in JSC Elektrozavod from a private investor for RUB 5.8bn. Following completion of the transaction, the Purchaser will hold a 94.01% stake in JSC Elektrozavod.

Previously, in December 2020, the Purchaser acquired a 64.37% stake in JSC Elektrozavod and 100% in LLC Elektrokombinat (together, “Elektrozavod Group”) from certain private investors for RUB 24.7bn. Sistema and SberInvest provided equity financing to the Purchaser in the amount of RUB 11.0bn and RUB 3.5bn, respectively. SberInvest provided additional debt financing to the Purchaser of RUB 10.2bn. The parties also concluded an agreement granting Sistema the right to acquire and SberInvest the right to sell its stake in the equity capital of the Purchaser to the Group.

Elektrozavod Group includes transformer equipment production facilities in Moscow and Ufa, maintenance divisions, research and design institutes, an engineering centre and land plots totalling 19 hectares near the Elektrozavodskaya metro station in Moscow.

***

For further information, please visit www.sistema.ru or contact:  

Investor Relations

       Public Relations

Nikolai Minashin

       Sergey Kopytov

Tel.: +7 (495) 730 66 00

       Tel.: +7 (495) 228 15 32

n.minashin@sistema.ru 

       kopytov@sistema.ru

***

Sistema PJSFC is a publicly traded Russian investment company serving over 150 million customers in the sectors of telecommunications, high technology, banking, retail, e-commerce, timber processing, agriculture, real estate, tourism and healthcare services. The company was founded in 1993. Its revenue in 2019 reached RUB 656.9bn; its total assets equalled RUB 1.3tn as of 31 December 2019. Sistema's global depositary receipts are listed under the symbol “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the “AFKS” ticker on the Moscow Stock Exchange. Website: www.sistema.com.

SberInvest (Sberbank Investments LLC) is a wholly owned subsidiary of PJSC Sberbank and part of its Corporate and Investment Unit. Its core operations include financial solutions and structuring through equity and mezzanine instruments, which it offers to the bank’s customers.



Sistema announces results of Annual General Meeting of Shareholders and Board of Directors meeting
15 August 2022
Sistema announces results of Extraordinary General Meeting of Shareholders and Board of Directors meeting
11 July 2022
Change in the list of nominees for the new Board of Directors of Sistema
16 June 2022
Sistema announces nominees to Board of Directors
10 June 2022

Subscribe

Selected category
By clicking on the «Subscribe» button, you agree to the personal data processing policy.