MOSCOW, July 23 Russian oil-to-telecoms
conglomerate Sistema said it had been notified of new
restrictions on selling its shares in mid-sized oil producer
Bashneft, which hamper plans for a share offering in
Sistema said on Wednesday that the OJSC REESTR registry had
notified its subsidiary, Sistema-Invest, of restrictions on
transactions involving Bashneft shares, in addition to
previously imposed measures against Sistema itself.
Sistema directly owns almost 72 percent of Bashneft's voting
shares and an overall stake of 86.7 percent, including 12.6
percent which is owned by Sistema-Invest.
Bashneft has been planning an initial public offering since
it was acquired by Sistema in 2009. It had been considering
listing $1-$2 billion worth of shares in London as early as
September. Analysts said after the first set of restrictions on
Sistema that the IPO was in doubt for this year.
Shares in Bashneft were down 3.6 percent as of 1400 GMT,
underperforming a 0.6 percent decline in the broader Moscow
Sistema has said that the restrictions were related to an
investigation, which it was not party to "and with which the
company plans to fully cooperate".
Sistema acquired Bashneft from local authorities in the
region of Bashkortostan. Local media have said the restrictions
on share trading could be linked to the forthcoming election of
the leader of the Urals region later this year.
(Reporting by Vladimir Soldatkin; editing by Jane Baird)