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Sistema Finance acquires minority ordinary shares of its parent company

Sistema, the largest diversified public financial corporation in Russia and the CIS, announced that OJSC Sistema Finance, its 100% owned subsidiary, has acquired 17,813,600 Sistema ordinary shares, equal to 0.18% of Sistema’s total share capital. The shares will be used for corporate purposes.

Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services.
 
Founded in 1993, the company reported revenues of US$ 7.8 billion for the first quarter of 2011, and total assets of US$ 46 billion as at March 31, 2011.

Sistema was ranked number 342 in the 2010 edition of the Fortune Global 500 list, with consolidated full year 2010 revenues of US$ 28.099 billion, which represents a 118 place increase from the previous ranking.

Sistema was also ranked 26th out of the world’s 50 fastest growing companies in terms of revenue growth by Forbes, and is the only Russian company out of the seven Russian businesses on the Fortune Global 500 list to be included in this list.

Sistema creates business leaders in service industries, mainly in high-tech sector. Sistema invests best finance, intellectual and management resources into business and economic development of Russia to achieve a success in the accomplishment of its mission.
 
Separately, another of Sistema’s subsidiaries, Sistema Shyam Teleservices Ltd. (SSTL), which nationally operates telecom services under the MTS brand with over 12 million wireless subscribers, extended its current managed services contract with Ericsson in India.

The extension adds four new circles of CDMA wireless networks and a new three-year contract including the management of fiber transport and wireline networks in Rajasthan.
 
Under the three-year agreement, Ericsson will be responsible for network optimization; operations and maintenance including field operations and 24/7 network service assurance, and fulfillment network service provisioning, customer problem management and spare parts management.

Channeling the servicing of the multi-vendor networks to Ericsson will lead to efficiencies and improved response time for SSTL and better service for its customers.

In September 2010, SSTL awarded a managed services contract to Ericsson to manage their multi-vendor wireless networks in two circles, Delhi and Haryana. The extended partnership is evidence of the significant cost and quality improvements already realized in the network.

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