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Mobil'nye TeleSistemy OAO Acquires 25.095% in MTS Bank from AFK Sistema OAO

Thursday, 28 Mar 2013 08:00pm EDT 

Mobil'nye TeleSistemy OAO (MTS) announced that MTS has entered into transaction to acquire a 25.095% stake in MTS Bank OJSC (MTS Bank) for RUB 5.09 billion through an additional share issuance by the bank. The transaction was concluded in accordance with the terms of an indicative offer between MTS, MTS Bank and AFK Sistema OAO (Sistema), the majority shareholder of MTS and MTS Bank, that were announced on October 25, 2012. In accordance with the terms of the transaction, Sistema’s direct ownership in MTS Bank decreases from 87.091% to 65.251%, while the balance of shares is held by other minority shareholders. Prior to the transaction, MTS already possessed a small stake in MTS Bank through MTS’s majority-owned subsidiary Moscow City Telephone Network OJSC (MGTS), therefore total MTS Group’s ownership stake in MTS Bank after completion of the transaction shall amount to 26.85%. All necessary regulatory approvals to complete the transaction, including approvals by the Russian Central Bank and the Federal Anti-Monopoly Service (FAS), have been received. Completion of the transaction is subject to the registration of the shares issuance report by Russian Central Bank. 

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19 Sep 2014