Key Developments: Aktsionernaya Finansovaya Korporatsiya Sistema OAO (SSAq.L)

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Latest Key Developments (Source: Significant Developments)

Aktsionernaya Finansovaya Korporatsiya Sistema OAO participates in additional share issue of MTS Bank
Thursday, 30 Oct 2014 10:03am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Announces that it has signed a binding agreement with its subsidiary OJSC MTS Bank (Bank) to acquire 2,474,818 ordinary shares of the Bank's additional share issue for 9,460,684,754 Russian rubles.The deal is expected to close by the end of 2014 following fulfillment of all conditions as set out in the emission documentation.  Full Article

Aktsionernaya Finansovaya Korporatsiya Sistema OAO announces statement regarding ANK Bashneft' OAO proceedings
Thursday, 30 Oct 2014 08:30am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Announces that the Arbitrazh (Commercial) Court of the City of Moscow ruled in favour of the civil claim seeking to return the shares of ANK Bashneft' OAO owned by Sistema and its subsidiary Sistema-Invest to the Russian Federation.Under Russian law, Sistema has a period of one month from the date of issue of the written decision to appeal.Sistema disagrees with the decision and is considering an appeal.If Sistema does appeal, the decision will not come into effect until such time as the appeal is determined.Sistema emphasizes that its investments continue to operate as normal, and the majority are profitable and require no funding from Sistema.Their activities are unaffected by the court's decision.However, the ongoing litigation could have a negative impact on the investment strategy, financial condition and financial obligations of Sistema itself, particularly if the decision to return the Bashneft shares, owned by Sistema and Sistema-Invest, comes into force.Sistema is in discussions with relevant stakeholders to determine the potential impact of the litigation and potential outcomes.  Full Article

Moscow court rules in favor of returning Aktsionernaya Finansovaya Korporatsiya Sistema OAO shares in ANK Bashneft' OAO to state-Reuters
Thursday, 30 Oct 2014 04:27am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:The Moscow Arbitration court ruled that shares in ANK Bashneft' OAO owned by Russian conglomerate Sistema should be returned to the state after an "improper privatisation"-Reuters.A Reuters correspondent at the court said the judge had ruled in favor of the General Prosecutor's office, which argued that oil producer Bashneft was unlawfully privatized in the early 2000s and subsequently sold to Sistema in 2009.Sistema's main owner and chairman Vladimir Yevtushenkov was placed under house arrest in Sep. for alleged involvement in money laundering related to the Bashneft sale.  Full Article

FAS allows Aktsionernaya Finansovaya Korporatsiya Sistema OAO to acquire Intellekt Telekom OAO-Interfax
Wednesday, 29 Oct 2014 09:24am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Federal Antimonopoly Service (FAS) allowed AFK Sistema to acquire 100pct of Intellekt Telekom OAO-Interfax.Intellekt Telekom OAO is engaged in development and introduction of new technologies in telecommunications and IT.As of March 31, Moskovskaya gorodskaya telefonnaya set' OAO owned 49,95pct of Intellekt Telekom OAO.Another 50.04pct of Intellekt Telekom OAO belonged to Sitronics OAO, which is part of AFK Sistema.  Full Article

Aktsionernaya Finansovaya Korporatsiya Sistema OAO invests in Concept Group
Wednesday, 22 Oct 2014 04:15am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Says that it has completed the purchase of a 40 percent stake for a total consideration of about 1 billion Russian rubles in a holding company that owns Concept Group.In accordance with the terms of the signed documentation, Sistema has an option to increase its shareholding in Concept Group to a controlling stake within three years.Founded in 2004, Concept Group creates collections and sells women's clothing, accessories, lingerie as well as children's wear through its own stores, franchises, online and wholesale channels.It operates under the Concept Club, Bestia, Infinity Lingerie and Acoola brands.  Full Article

Aktsionernaya Finansovaya Korporatsiya Sistema OAO updates on block purchase of sistema's ordinary shares
Monday, 13 Oct 2014 04:00am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Says that Sistema JSFC says that the contract made by its 100 pct. owned subsidiary, Sistema Finance OJSC, for the acquisition of 162,837,500 Sistema ordinary shares for 7.6 billion ruble that was announced on July 18, 2014.Says that the acquisition has been terminated and therefore will not be completed.  Full Article

Aktsionernaya Finansovaya Korporatsiya Sistema OAO increases its stake in Navigatsionno-informatsionnye sistemy OAO to 89.54pct
Tuesday, 7 Oct 2014 01:58am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Increases its stake in Navigatsionno-informatsionnye sistemy OAO to 89.54pct from 60.01pct.Date of change in shareholding - Oct. 3.  Full Article

Aktsionernaya Finansovaya Korporatsiya Sistema OAO announces statement regarding its stake in ANK Bashneft' OAO
Monday, 29 Sep 2014 03:38am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Says that it has received a notice from OJSC REESTR relating to the shares of ANK Bashneft' OAO owned by Sistema and CJSC Sistema-Invest (the Bashneft Shares).According to the notice, the Moscow Court of Arbitration has imposed a restriction on transactions relating to the Bashneft shares.The restriction is in connection with a civil claim against Sistema and Sistema Invest resulting from an investigation reportedly related to the privatisation of BashTEK Group.The restriction does not affect Sistema's and Sistema-Invest`s voting rights, but prevents transactions in Bashneft shares and the receipt of dividends, which will be paid into an escrow account pending resolution of the investigation.The restriction is effective from Sep. 25 and is independent to the one announced on July 15 in connection with a separate criminal investigation.Says Sistema was not party to the privatisation of BashTEK Group and will use all available legal means to defend its rights.Says Sistema is continuing to cooperate fully with the investigations and will update the market as appropriate.  Full Article

Aktsionernaya Finansovaya Korporatsiya Sistema OAO says acquisition of 98 pct in UPC from ANK Bashneft' OAO has not been completed
Wednesday, 24 Sep 2014 12:00am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Says that the acquisition of a 98 percent stake in OJSC United Petrochemical Company (UPC) from its subsidiary ANK Bashneft' OAO (Bashneft) has not been completed.Bashneft retains ownership of UPC.  Full Article

S&P puts Aktsionernaya Finansovaya Korporatsiya Sistema OAO on watch negative on shareholder arrest
Friday, 19 Sep 2014 07:58am EDT 

Aktsionernaya Finansovaya Korporatsiya Sistema OAO:Standard & Poor's Ratings Services (S&P) said that it had placed its BB+ long-term corporate credit rating on Sistema on CreditWatch with negative implications.The CreditWatch placement follows charges against Sistema's 64 percent shareholder and board chairman, Vladimir Yevtushenkov, related to Sistema's acquisition of a 79 percent stake in Bashneft in 2006-2009.S&P understand that Sistema's stake in Bashneft is currently frozen and that Yevtushenkov has been placed under house arrest.The CreditWatch reflects potential pressure on the rating on Sistema if future developments in the Bashneft case have a negative effect on Sistema's management, governance, asset portfolio, or financials.S&P believe that Sistema continues to rely on Yevtushenkov, its key shareholder, and his standing in Russia's business and political landscape.S&P could lower the rating, potentially by several notches, in case of any material pressure on Sistema's financial risk profile and liquidity (for example, if there are material financial charges against Sistema), or if we see a material negative impact on Sistema's governance and management.If Sistema's stake in Bashneft were expropriated or sold, S&P would need to re-evaluate the impact on Sistema's portfolio quality and financial risk profile under a different base-case scenario.If the Bashneft case is closed with limited implications for Sistema, S&P will likely affirm the rating.  Full Article

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Court extends house arrest of Russian tycoon Yevtushenkov

MOSCOW - A Russian court extended the house arrest of billionaire Vladimir Yevtushenkov on Friday just weeks after his shares in an oil company were seized, pressing a case some investors say signals a return to state intervention in business.

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